Generation Z to Spend Record Amount on Rent
Generation Z is expected to spend $226,000 in rent on average before owning a home.
Business Insider reports that this amount is more than any generation before it. Millennials are spending $202,000 in rent on average before buying a home and Baby Boomers have spent an average of $148,900, adjusted for inflation.
This figure comes from new analysis from HotPads, which also predicts that Generation Z will buy homes earlier in life than Millennials, spending 11 years renting before buying to Millennial’s 12-year average.