Here are 5 cities where the highest number of Gen Z renters are rent-burdened:While financial experts recommend limiting housing expenses to no more than 30% of income , this can be challenging in a number of cities where younger renters shoulder the heaviest load.
Housing expenses in the analysis were not not limited to rent, Zillow Economist Kenny Lee tells CNBC Make It.
In fact, nearly 6 out of 10 Gen Z renters (18- to 25-year-olds) are "rent-burdened," according to a recent Zillow analysis of U.S. Census Bureau American Community Survey data.
This is common in this economy, says Lee, since many of the best-paying jobs for Gen Z are located in cities where the rent is most burdensome.
Find a roommate"A lot of renters have been relying on finding roommates to split the cost of housing," says Lee.
Persons:
Kenny Lee, Lee, you'll, It's, John Barlett, Bartlett, Gary Saharov
Organizations:
CNBC, Census, American, Survey, Gen, Metropolitan Tenants Organization, New York City
Locations:
Los Angeles, Miami, Chicago, Brooklyn, New York