10 months ago
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(NewsNation) — Millions of Americans are struggling to support up with rising rents, and a caller study shows Gen Z renters are shouldering the heaviest load.
Nearly 60% of Gen Z renters (ages 18 to 25) walk much than 30% of their income connected lodging expenses, according to a Zillow and StreetEasy analysis of 2022 Census data.
That means astir 3 successful 5 Gen Z renters are considered rent-burdened.
In California cities similar San Diego, Los Angeles and Sacramento, the stock of rent-burdened Gen Z'ers is adjacent higher, astir 75%.
Several Florida cities, including Orlando, Miami and Tampa, were besides adjacent the apical of the list. In each three, astir 70% of Gen Z renters were rent-burdened.
"For galore Gen Z renters, choosing to unrecorded successful a little costly metropolis whitethorn travel astatine the disbursal of their career, which is wherefore it's truthful indispensable we find ways to marque surviving successful these areas much affordable for young adults," Zillow Rental Trends Expert Emily McDonald said successful the report.
It's not each atrocious news. In immoderate cities, young renters are faring amended than they were a decennary ago. Austin, Texas, has seen the biggest decline, with the stock of rent-burdened young adults falling to 59.6% successful 2022, down from 69.2% a decennary earlier.
The stock of rent-burdened young adults has besides dropped successful Phoenix, Pittsburgh and St. Louis compared to a decennary ago.
In fact, Gen Z renters are doing somewhat amended than millennials were astatine the aforesaid age, Zillow found. In 2012, 60.2% of millennials nationwide spent much than 30% of their income connected rent — somewhat higher than the 58.6% of Gen Zers successful the aforesaid boat.
"The acquisition of struggling to wage rent connected an entry-level wage is acquainted to truthful galore of america that it's astir go normalized successful our society," StreetEasy Senior Economist Kenny Lee said. "But this is thing that should not beryllium normal."
Overall, astir half of each U.S. renter households successful large metro areas are cost-burdened, spending much than 30% of their income connected monthly rent.
While it's existent that American workers person seen their paychecks grow since the pandemic, successful astir cities, those gains haven’t kept up with rent prices.
Now, lodging affordability is successful the spotlight, with some statesmanlike candidates touting their solutions connected the run trail. Surveys suggest young voters are particularly concerned astir the issue, which could yet determine the 2024 election.
Zillow's findings are based connected an investigation of the U.S. Census Bureau's 2022 American Community Survey (ACS).
Top 10 U.S. cities with the highest stock of rent-burdened Gen Zers, according to Zillow:
- San Diego, CA: 73.4%
- Los Angeles, CA: 71.7%
- Sacramento, CA: 71.0%
- Orlando, FL: 68.9%
- Miami, FL: 67.7%
- Tampa, FL: 67.1%
- Houston, TX: 66.2%
- New York City, NY: 65.6%
- San Antonio, TX: 65.5%
- Washington, D.C.: 64.4%
