According to a new study from Zillow and its StreetEasy brand, nearly 60 percent of Generation Z renters in the United States are now categorized as rent-burdened. While new reports indicate that rental prices may have peaked, many Gen Zers are spending a much higher percentage of their income on housing than recommended by some financial analysts and planners.
A rent-burdened status means paying more than 30 percent of total income on rent and utilities.
“I know a lot of people who are paying 50 percent toward all types of housing. I’ve always said you need to try to keep your housing costs below 20 percent, not just 30 percent. Whether you rent or buy, keeping your housing costs as low as possible is the key to getting ahead,” Laura Adams, a financial adviser, podcaster, and spokesperson for Ibuyer.com, told The Epoch Times.
She said that while times have rarely been easy for young homebuyers, today, there is a mix of economic factors that make it even tougher to afford an apartment or buy a home, in addition to personal habits she says are linked to Gen Z.
“There’s no doubt housing prices are at a record level of unaffordability. And it seems that there are other factors in play. Yes, housing prices are high, but home insurance and property taxes are creeping up in many areas, and young people are struggling with inflation for the basics like groceries and power,” she said. […]
— Read More: www.theepochtimes.com
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