By the time they turn 30, Millennials have paid $92,600 in rent.
Young adults spend about 45 percent of their income on rent between the ages of 22 and 30, which is slightly higher than previous generations, according to a study by RENTCafe. Gen X’s rent burden was 41 percent during the same age range, and Baby Boomers spent 36 percent, per RENTCafe.
For the study, RENTCafe analyzed U.S. Census data to find each generation’s total income and total rent paid from 22 to 30 years of age. The analysis is limited to single people paying a median rent on their own, with adjustments to 2017 prices.
Although Millennials spend more on rent than older generations, they also make more money, earning about $206,600 between the ages of 22 and 30, per RENTCafe. In the same eight-year age period, Gen Xers earned 202,100 and Baby Boomers made $195,700.
The study found that younger Millennials, currently between 22 and 29 years old, are paying more for rent than older Millennials, currently 30 to 40. Younger Millennials can expect to pay about $97,400 before turning 30, while older Millennials paid $90,500.
The number of Millennial renters is rising, according to the Pew Research Center. In 2016, 65 percent of households headed by people younger than 35 were renting, compared to 57 percent in 2006.
Millennials have growing competition for rental space as more Baby Boomers sell their homes in exchange for rental property, CNBC reports. More than 5 million Baby Boomers are expected to rent their next home by 2020, per CNBC.