By the time they hit age 30, the average member of Generation Z will have spent $145,000 on apartment rent.
That’s the sobering financial news from the latest study from RentCafe.
RentCafe studied the historical housing costs and spending patterns in nearly 200 U.S. metropolitan areas. RentCafe looked specifically at how much Gen Z and Millennials pay for rent or owning a home by the time they reach 30.
What they found? It’s expensive for members of both generations to rent and to own.
While members of Gen Z will spend an average of $145,000 on rent by age 30, they’ll spend even more to buy a home. RentCafe found that the average Gen Zer will spend $165,000 on owning a home by the time they hit 30.
The costs are a bit less for Millennials. RentCafe found that by the time their hit their 30s, members of Gen Z will have spent an average of $126,000 on rent and $172,000 on owning a home.
Some good news? Both Gen Zers and Millennials tend to earn solid incomes in their 20s. RentCafe reported that Zoomers earn an average of $550,000 in their 20s while Millennials earn an average of $478,000.
