Coming as absolutely no surprise to anyone who’s ever hunted for an apartment in NYC, a new study reveals that nearly half of the millennials in the city cannot afford their rent. Drawing info from the U.S. Census Bureau, a new Abodo study broke down the numbers, and they ain’t pretty.
Millennials, here defined as people ages 18 to 34, are earning and saving less as real estate prices rise (and rise and rise). Even though it’s the generation with the most renters (65.5 percent rent versus own a home), it’s still a struggle to afford even that. And for millennials nationwide who are renting, 46.5 percent consider housing costs a burden. However! Renting millennials face less of a housing cost burden than Boomers do (49 percent), so at least there’s that.
And then you get to NYC, the second most expensive U.S. city. Here in our lovely town of $18 coffees, 48.8 percent of millennials spend more than 30 percent of their income on rent. (The rest is spent on their pets, probably.) Gen Xers and Baby Boomers spend nearly the same amount (48.4 percent and 51.0 percent, respectively), so that’s the good news: The world sucks for everybody, not just you!