The median total amount that millennials spent on rent between ages 22 and 30 was $92,600, according to a new report from RentCafe using Census Bureau data. Adjusted for inflation, this amount is $10,400 more than the median amount members of Generation X paid at the same age and $21,600 more than Baby Boomers. MarketWatch’s Jacob Passy reports:
And while millennials are earning more than previous generations, the share of income they must devote to rent is nonetheless higher. Their rent burden is 45%, versus 41% for Gen Xers and 36% for Baby Boomers. “By the time Millennials might be thinking about buying a home or starting a family, they are struggling with rent and student loan debt instead,” the report said.
Last year, a 30-year-old millennials would have spent a median amount of $93,400 compared with $85,000 for a 40-year-old millennial at that age. Based on the current price trajectory, Passy says Generation Z can expect to spend a median of $102,100 on rent between 22 and 30.Read More