In a new report taking a generational approach to analyzing cost-burdened renters, ABODO Apartments explores housing burdens on Millennials (ages 18-34), Gen Xers (ages 35-50), and Baby Boomers (ages 51-69).
Overall, renting Gen Xers are the least cost-burdened (44.4% nationally), however, 2 of the top 10 metros with the highest percentage of cost-burdened renting Gen Xers are located in Connecticut – the New Haven-Milford MSA (#8 with 52.8% cost-burdened) and Bridgeport-Stamford-Norwalk MSA (#2 with 54.7% cost-burdened).
Millennials – the nation’s largest living generation –– also comprise the greatest percentage of renters of the three generations studied, with 65.5% of Millennials renting. Of these, 46.5% are facing a housing cost burden, with a median gross rent of $980 on a median household income of $39,900 (or approximately 29.5% of income spent on housing).
Similarly, many renting Baby Boomers are also facing housing cost burdens (49%). ABODO points to an important divergence between renting and owning Baby Boomers, where “the generation with the highest percentage of cost-burdened renters is also the generation with the lowest percentage of cost-burdened households overall.”
According to the report, this is likely due to the fixed incomes of many retired and semi-retired Baby Boomers. The report notes that renting Baby Boomers have a median household income of $33,000, and a median rent of $890.
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