Sorry, You Can’t Afford The Rent In These Cities

Everyone talks about how millennials will never, ever be able to buy homes, but it turns out, in many major metropolitan areas, they can’t even afford to rent. According to research released by Bloomberg Business (in conjunction with real estate website Zillow), “in 23 of the largest 50 cities in the country, most rental homes are unaffordable” for millennials looking to spend 30% or less of their income on housing. Miami, FL, tops the list. A whopping 92% of all rental listings on Zillow are out of the price range for young people looking to settle near the city's beautiful beaches. San Francisco, Los Angeles, New York City, and San Diego round out the top five most expensive cities. So where can you afford the rent? San Antonio, TX offers the most affordable rentals. The city has been attracting more young people in the past five years, growing nearly 30% between 2010 and 2013, according to a different Bloomberg report released in June. Unfortunately, the high cost of housing is a national problem, thanks in part to sky-high rents and stagnant incomes. According to Zillow, rents have gone up 15% since 2010, but incomes are not rising at the same rate. The study found that “only 36% of all rentals listed in the first quarter of 2015 were priced within reach for millennials.” No wonder so many are still choosing to live at home with their parents.