By the time the average millennial moves into their first apartment at age 22, to the time they celebrate their big 30 – they’re expected to spend an average of $93,000 in home rent in the US. The word “average” is key here, because in more expensive cities like San Francisco and New York (where average rents hover around $3950 per month), this amount shoots up to well over $200,000 in 8 short years!
Using US Census data, Buzz60 looked at each generation’s income and rent paid between ages 22 and 30, and found that the average US millennial spent $92,600. That’s $21,600 more than their baby boomer parents paid over the same period of time, adjusted for inflation. The situation is even worse for Gen Z (those born in the mid-90s), who are looking at average rent of $102,100 by the time time they move out of their parents house, to the time they turn 30. Remember, we’re talking averages – in expensive cities, renters are already paying well north of $200K over that time period.
The good news is that millennials are well paid, earning an average of $206,600 in 8 years. However, about 45% of those earnings are currently going toward rent, as well as student loans and food delivery apps according to the study.
Before committing your whole paycheck to your next apartment, try to understand how much rent you can actually afford without breaking the bank. And if you’re ready to find your next home-sweet-home, check out LIVV’s automated apartment finder. Simply describe what you’re looking for, and LIVV will find your perfect match.
LIVV is the world’s first AI powered real estate agent designed to help you find and rent the perfect apartment, condo, or home quickly and effortlessly. Tell LIVV your housing and lifestyle preferences, and it will deliver strong matches, help you stand out, and lease that perfect new home. Let your next apartment find you at LIVV.co