The answer is shocking when it comes to how much a Millennial spends on rent by the time they hit 30. Rentcafe did some research and found that $93,000 is spent on rent by a millennial from the age of 22 to 30. Can you imagine if you already had that much paid off on your house?
According to Rentcafe, many of the reasons why millennials are not buying homes is because of their increasing student debt. Many of them need affordable homes but still want attractive amenities. From affordable to luxury, we can help you find your dream home! Check out our listing for newly updated homes and read more below for information about millennials and renting.
"Besides the heavy rent burden, there are several other reasons why Millennials witness such big financial challenges. One of them is the ever-increasing student loan debt, which many economists blame as the reason Millennials aren’t able to buy homes. Millennials do make more money than any other generation before them, but they’re also said to be spending more on things that are not necessarily essential, like Uber rides, pricey coffee or eating out. At the same time, spending habits depend very much on where they live, and as many Millennials prefer urban areas and big cities, this can only result in higher costs. Millennials earn and spend more on rent than any previous generation
To better illustrate this, we compared Millennials’ income and rental amounts paid before turning 30 to those of the two previous generations.
With a total of $92,600 spent on rent before hitting 30, Millennials pay a striking $21,600 more than what Baby Boomers paid during the same 8-year period. At the same time, Millennials boast a total income of $206,600, almost $10,900 more than the $195,700 that Baby Boomers earned between the ages of 22 and 30. It’s worth noting that the rent difference between Millennials and Baby Boomers is twice as big as the income difference."