Millennials are well known for their over-priced coffee and overwhelming student debt that economists agree are limiting their ability to purchase homes.
Now research from Rent Cafe shows that this cohort is expected to spend an estimated $92,600 in rent by the time they turn 30 (over an eight-year period). On average millennials are spending 45 percent of their income on rent, which is 15 percent above the recommended amount. This is more than any other generation prior.
Rent paid by each generation (2017 dollars)Millennials may be paying more than any generation, but at the same time they are making money. The total median income over an eight-year period for millennials was $206,600.
Total median incomve vs. total rent paid for an 8-year period (ages 22 to 30)