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Message
Millennials will spend 45% of income on rent before age 30
Posted on 3/27/18 at 9:39 pm
Posted on 3/27/18 at 9:39 pm
quote:
As rent prices continue to rise, a new study shows Millennials are paying about 45% of their total income toward rent, and pay out close to $100,000 toward rent before they turn 30.
quote:
As it turns out, Millennials pay about $92,600 in rent by the time they turn 30. While they may earn more in income compared to previous generations, they also have to spend more on rent, the study showed.
quote:
Some of this trend can be attributed to many Millennials preferring to live in downtown urban areas paying rent that they know is way too high, rather than buy a home. Also, student debt is holding back many Millennials from buying a home, forcing them to pay higher rent prices. About 50% of Millennials who have student debt said they are uncomfortable taking on a mortgage.
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Posted on 3/27/18 at 9:41 pm to GreatLakesTiger24
quote:
Some of this trend can be attributed to many Millennials preferring to live in downtown urban areas paying rent that they know is way too high, rather than buy a home.
There's your answer. It's by choice.
Posted on 3/27/18 at 9:42 pm to GreatLakesTiger24
Find less expensive places to live and stop making bad choices
Posted on 3/27/18 at 9:43 pm to GreatLakesTiger24
Oh I bet the could afford a home. Just not the home they want. All part of growing up.
Posted on 3/27/18 at 9:43 pm to GreatLakesTiger24
Fake news.
Millennials still all live at home, sponging off their parents.
Millennials still all live at home, sponging off their parents.
Posted on 3/27/18 at 9:43 pm to fallguy_1978
quote:
There's your answer. It's by choice.
100%
and this demand drives up the prices, which makes the areas seem exclusive/hip, which drives demand
Posted on 3/27/18 at 9:43 pm to GreatLakesTiger24
In before millennials that don’t actually realize they’re millennials start shitting on themselves
Posted on 3/27/18 at 9:43 pm to RogerTheShrubber
Or maybe they should travel the world. So many cool places to see.
Posted on 3/27/18 at 9:44 pm to fallguy_1978
quote:what's the question?
There's your answer.
Posted on 3/27/18 at 9:44 pm to GreatLakesTiger24
I rented for 8/10 yrs in the military. Of course BAH covered it, but avg of $1200/mo for 8 years $115,200. Of course some places I banked money. Still a lot of money and just bought my first house last year.
Posted on 3/27/18 at 9:45 pm to Paul Allen
quote:
Or maybe they should travel the world. So many cool places to see.
Do it while you're young
Posted on 3/27/18 at 9:45 pm to East Coast Band
quote:
Fake news.
Millennials still all live at home, sponging off their parents.
Right? This "absolute truth" will be forgotten and people will move on to calling the next "absolute truth" a terrible decision.
Posted on 3/27/18 at 9:45 pm to RogerTheShrubber
What's rent like in Juneau?
Posted on 3/27/18 at 9:45 pm to RogerTheShrubber
quote:
Find less expensive places to live
Yep. Brooklyn, Boston, SF, LA and other places aren't cheap. But it is all about supply and demand. Even NOLA has pretty ridiculous rents with a lot of millennials and hipsters wanting to live there.
Posted on 3/27/18 at 9:46 pm to GreatLakesTiger24
I suspect they’re spending less on cars.
Posted on 3/27/18 at 9:47 pm to GreatLakesTiger24
quote:
what's the question?
They spend 45% of their income on rent because they live in expensive areas by choice when they don't have to. Nobody is forcing this on them. Move somewhere more affordable and commute.
This post was edited on 3/27/18 at 9:48 pm
Posted on 3/27/18 at 9:47 pm to fallguy_1978
That's not a question
Posted on 3/27/18 at 9:48 pm to East Coast Band
quote:yes. Every person who is <29 years of age in america still lives with their parents. Every single one of them...
Fake news.
Millennials still all live at home, sponging off their parents.
Posted on 3/27/18 at 9:48 pm to GreatLakesTiger24
Wait, what?...who the hell would charge their kids that much to live in the basement until they are 30?
Posted on 3/27/18 at 9:48 pm to glassman
When was NOLA actually affordable? It’s always been expensive.
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