The game of “which generation has it worst” has been going on since way before the Boomers warned us not to trust anyone over 30. Adding fuel to the fire is a report from rental firm Abodo, which breaks down cost burdens for renters by generation.
Researchers there used the U.S. Census Bureau data to determine who among us is spending more than 30 percent of their income on rent. Locally, Millennials finally have a leg up on their elders. But the news for renters isn’t exactly great for anyone. In the Philadelphia region, 50.2 percent of Boomers are spending more than 30 percent of their income on rent. The Generation Xers and Millennials among us are still spending quite a bit as well — 47.5 and 46.1 percent respectively.
Nationwide, 47.7 percent of all renters are cost-burdened. Not exactly a surprise given what we know about rental rates. Within that group, 46.5 percent of Millennials, 49 percent of Boomers, and 44.1 percent of Gen Xers fall into the cost-burdened category.
With all this said, Millennials still have it pretty tough (avocado toast and all). Locally, we know that 65.5 percent of Millennials are renting, 37.9 percent of Gen Xers are renting, and 23.3 percent of Boomers are renting.