Rent is on the rise, not just in Austin, but in the US as a whole. Culturemap Austin reports on what each generation is paying in rent and whether they are able to afford the rent increases.
The US Census Bureau found that 35% of households nationally are renters and 47% of those households spend more than 30% of their income on rent, which means they are cost-burdened.
A recent study looked at how that cost burden breaks down across three generations: millennials, Generation X and Baby Boomers.
Roughly two-thirds of millennials are renters and their median rent is $980. Millennial's median income is $39,900 and this contributes to the fact that 46.5 percent of millennials are paying more 30% of their income on rent.
More Baby Boomers are facing burdens from renting than millennials. 23.3 percent of Baby Boomers are renters and 49.1 percent are paying more than 30% of their income in rent. Boomer's median income is the lowest of the three generations at $33,000, and their rent is also the lowest at $890 per month.
38% of Generation X’ers rent and 44 percent of them spend more than 30% of their income on their rent. Generation X’s median income is $44,470 and their median rent is $1,050.
Austinites that are part of Generation X are doing even better. Just 38.3 percent of them pay more than 30% of their income in rent. 45.1% of Austin Millennials spend more than 30% of their income for their rent, and 51% of renting Boomers in Austin spend more than they should on rent.
Looking to rent an apartment in Austin? No matter what generation you belong to, Austin Apartment Specialists can help you find an apartment that fits your budget and lifestyle. Give us a call today at 512-241-1111!