Higher Rents Can Force Some Boomers to Move In With Their Children

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October 19, 2015

MarketWatch reports that rising rents aren’t only forcing some Millennials to stay in their parents' basement; they could also force some boomers to move in with their children.

Data from Real Property Management, a Utah-based property management company, shows that the average rent for a three-bedroom single-family home in the U.S. was $1,369 in the third quarter of 2015, a 5.7 percent increase over the last year.

Meanwhile, workers 55 and over have saved only $150,300 for retirement on average. Assuming they will withdraw 4 percent of their savings per year for retirement income, these Boomers will have $500 from savings along with their Social Security, for about $1,791 a month (from latest Social Security figures).

With these numbers, the average Boomer will have to pay well above the recommended 34 to 38 percent of income for renting a three-bedroom home.

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