The New York Times, August 11, 2023, Gen Z Can’t Afford the Rent
But there’s something that many Gen Z-ers feel is not within their realm of possibility: owning a home.
The rule of thumb that one’s cost of housing shouldn’t exceed 30 percent of their monthly income is becoming less realistic for many in Gen Z. Homeownership feels unattainable — more than a third of Gen Z respondents in one survey said it’s something they think they’ll never be able to achieve. According to the National Association of Realtors, last year, the typical first-time homeowner was 36 years old, a record high.
About one third of the generation’s adults live with their parents and plan on staying with them as a long-term housing solution. Others are sleeping in living rooms, rushing moving in with their partners and migrating out of big cities.
The New York Times asked Gen Z-ers to share their stories and estimate how much of their monthly income they typically spend on rent. Here’s what young people from coast to coast are saying about how they manage to keep a roof over their heads.