Abodo has a new data analysis on renter cost burdens of Millennials and how they compare to Baby Boomers and Gen X. There is one generation who cannot afford housing costs. You can learn which generation by accessing the renter cost burdens by generation full report.
Adobo used the U.S. Census Bureau data to analyze renter costs burdens in the 100 most populous MSAs and divided the data into the three generation groups to offer understanding on renter expenses by age of renter. Here are key findings from the data analysis:
- Of the 65.5% of Millennials who rent, 46.5% spend more than 30% of their income on housing costs.
- Of the 37.9% of Gen Xers who rent, 44.4% spend more than 30% of their income on housing costs.
- Of the 23.3% of Baby Boomers who rent, 49% spend more than 30% of their income on housing costs.
- Honolulu, Daytona Beach and Miami are home to the most cost-burdened Millennials.
- Miami, Bridgeport (CT) and Fresno are home to the most cost-burdened Gen Xers.
- Miami, Riverside (CA) and Stockton (CA) are home to the most cost-burdened Baby Boomers.
First Off: Millennials
Here is the breakdown by generation:
Do you feel overwhelmed with the renting market? What do you think can be done to make renting more affordable? Leave a comment. Access the full report now.