Between the ages of 22 and 30, the median total amount millennials spent on rent was $92,600, according to a new report from real-estate website RentCafe. That’s $10,400 more than the inflation-adjusted amount that members of Generation X paid at the same age and $21,600 more than Baby Boomers spent. Millennials are generally defined as the group born between the early 1980s and mid-1990s.
And while millennials are earning more than previous generations, the share of income they must devote to rent is nonetheless higher. Their rent burden is 45%, versus 41% for Gen Xers and 36% for Baby Boomers. “By the time Millennials might be thinking about buying a home or starting a family, they are struggling with rent and student loan debt instead,” the report said.
But younger Americans are having an even rougher go of it when it comes to affording rent. A 30-year-old millennial in 2017 would have spent $93,400 on rent over the previous eight-year period, versus $85,800 for a millennial at the age of 40 during that same time in life.