Housing seems to be slightly more affordable for Gen Z renters than it was for millennials at the same age.
The percentage of rent-burdened millennials — renters putting more than a third of their income toward housing — peaked at 62% in 2011, according to a recent Zillow study.
And although rents remain high, slightly fewer Gen Zers (those ages 18 through 25) are rent burdened today.
As of 2022, the latest data available, 58% of Gen Z renters nationwide were rent-burdened, while 60% of millennials experienced rent burden at the same age in 2012, according to Zillow.
According to Zillow's analysis, there are a number of major U.S. cities where it's easier for Gen Z to afford rent than it was for millennials at the same age.
Persons:
Z
Organizations:
millennials
Locations:
U.S