MADISON, WI—With 43 million Americans renting rather than owning their homes, it stands to reason that the non-ownership model cuts across generations. As this population grows, it stands to reason that the numbers of cost-burdened renters—those who spend more than 30% of their income on housing—will also increase.
Which generation is most likely to face such a cost burden? The answer may not be what you'd think, according to a new study from ABODO Apartments.
Nearly two-thirds of Millennials rent rather than own, and since the oldest Millennials have yet to reach their 35th birthdays, it's safe to say they're at or near the beginning of their careers. Their lower earning power, in theory, translates into a higher hurdle for meeting the monthly rent check.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
