Millennials Face $1,000 More in Housing Costs Compared to Gen Z in Every US State
How much more do millennials pay for housing compared to Gen Z? On average, millennials experience a monthly housing gap ranging from $265 to over $1,000, indicating a significant cost burden across the United States. In states with high living expenses, seven states reported monthly housing gaps exceeding $500, while 13 states revealed annual cost-of-living differences surpassing $10,000 between millennials and Gen Z. On the other hand, 10 states showed narrower monthly housing gaps of $300 or less, suggesting that some markets provide millennials with a slight financial reprieve. This analysis took into account various factors such as living costs, incomes, household counts, home values, and a near 7% 30-year mortgage to assess the current housing pressures faced by different generations.
Understanding these generational housing trends is vital for buyers and renters looking to navigate the complex real estate landscape.
For expert insights on the Tucson real estate market, connect with Jerry Marbury, REALTOR® at eXp Realty.