Unsplash / Sigmund
Though condo buildings much like the one above are going up throughout San Antonio, they continue to be out of attain for Gen Z.
San Antonio residents born between 1994 and 2000 — we’re speaking to you, Gen Z — will spend $128,637 in lease earlier than they flip 30, in keeping with a examine printed final month by on-line rental market RentCafe.
Whereas which will look like a surprisingly excessive quantity, it makes extra sense when it is damaged down in increments — which is to say the typical Gen Z Alamo Metropolis resident will spend $1,340.34 month-to-month on lease between the ages of 22-29.
That is nonetheless greater than Millennials spent on lease after they have been that age, placing Gen Zers at a drawback for gathering financial savings and shopping for big-ticket objects. In keeping with RentCafe, Millennials spent solely $1,172 on lease by the point they have been 30 years previous. Worse, that quantity is adjusted for inflation.
RentCafe’s knowledge was calculated based mostly on an eight-year interval for every era to find out the typical sum of money every spent on common for lease throughout main U.S. cities.
The astonishingly excessive price of lease for Gen Zers, who solely earn about $35,000 yearly in Texas, could possibly be why 31% reside with their dad and mom, in keeping with the examine.
Even so, San Antonio stays among the many most reasonably priced cities within the U.S. for Gen Z renters.
Lease in San Antonio was decrease than the U.S. common, so nationwide, Gen Zers can count on to spend $145,000 lease by the point they attain 30. The price of lease within the Alamo Metropolis was additionally lower than in Austin, Dallas and Houston, in keeping with RentCafe.
Subscribe to SA Present newsletters.
Observe us: Apple Information | Google Information | NewsBreak | Reddit | Instagram | Fb | Twitter| Or join our RSS Feed
