Renting takes up 23% of Gen Zers income while buying often takes 30% of their income.
Owning a home is an expensive challenge for Gen Zers and millennials. Renting remains the more affordable option, but in some cases, renting can be just as expensive. On average, Gen Zers spend 30% of their income on a mortgage if they bought a home between the ages of 22 to 29, a RentCafe study found. Millennials spent even more on homeownership before the age of 30, at 36% of their income.
Home prices are still up across the country, making the market tight for buyers on a budget. The average home-sale price hit $383,725, the highest it has ever been, Redfin reported. Compared to last year, that’s a 5.2% jump in price. Mortgage rates also hover around 7%, making the cost of borrowing unaffordable for many buyers. There is some hope, as inventory continues to rise. New listings are up 10.
The cost of living is high, whether renting or owning. Rent is trending down as a whole, but certain cities are seeing the opposite happen, a Realtor.com report said. Out of the 50 largest metropolitan areas in the country, 18 of them saw rents increase in March. Chicago's rent went up the most — by 4.3% compared to a year ago. The average rent was $1,846, $76 dollars higher than last year. In New York, rents jumped 3.8%, and now average $2,876.
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