Here’s the Alarming Amount Gen Z Will Spend on Rent by Age 30 — In America’s Largest Cities

Gen Z — the first digitally native generation — is facing a unique set of financial challenges, not the least of which is housing costs. In fact, a recent survey found that while this generation will earn $550,000 in their 20s — 14% more than millennials earned before they turned 30 — they will also be spending more on housing.

The RentCafe Market Insights survey found that Gen Zers will spend $145,000 on rent before they turn 30, outspending millennials by 14% during these years. However, rent makes up the same percentage of income for both – 27% from ages 22 to 29.

Rising housing costs have been one of the major drivers of overall inflation in the country in the past few months. And while Realtor.com’s March 2024 Rental Report found that median rents in March continued to decline year over year for the eighth month in a row, “the U.S. median rent was just $36 (-2.0%) less than the peak in August 2022. Notably, it was still $313 (22.2%) higher than the same time in 2019 (before the COVID-19 pandemic).”

Here’s how much money Gen Zers spends on rent by age 30 in America’s largest cities, according to RentCafe.

Amount paid on rent by the time they turn 30: $128,673

Amount paid on rent by the time they turn 30: $135,223

Amount paid on rent by the time they turn 30: $137,123

Amount paid on rent by the time they turn 30: $149,163

Amount paid on rent by the time they turn 30: $150,912

Amount paid on rent by the time they turn 30: $157,251

Amount paid on rent by the time they turn 30: $157,191

Amount paid on rent by the time they turn 30: $ 220,770

Amount paid on rent by the time they turn 30: $221,754

Amount paid on rent by the time they turn 30: $ 226,230