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Millennials spend almost $100k on rent by age 30

Millennials spend almost $100k on rent by age 30

April 4th, 2018

Millennials on average pay $92,600 in total rent by the time they turn 30, according to a report by the real estate website RentCafe.

While this generation’s total median income is higher than previous generations – $206,600 in eight years – they spend about 45% of their pay on rent. Financial expects typically recommend spending just 30% on rent.

Millennials are generally defined as people born between the early 1980s and the mid-1990s.

Baby Boomers, on the other hand, earned $195,700 and spent $71,000 on rent – a rent burden of about 36%. Gen Xers brought home about $202,100 on average and dished out $82,200 on rent in their 20s.

RentCafe performed the analysis by looking at U.S. Census data on each generation’s total income and total rent paid for an 8-year period, adjusted 2017 prices.

Acadia Lending Group LLC

190 Riverside Street Unit 4B
Portland , Maine 04103

Phone: 207-899-4500

Fax: 207-899-4503

NMLS: 370636

 

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