Story at a glance
- 31 percent of Gen Z live at home with a parent or family member
- 24 percent of renters in America say they can no longer afford their rent
- 38 percent of renters are sacrificing necessities to pay their rent, including older generations
The rising cost of housing is keeping many Gen Zers from living on their own.
A recent Credit Karma survey of 1,249 U.S. adults found that 31 percent of Gen Z live at home with a parent or other family member.
And this number could go up.
Among Gen Zers that have left the nest, 27 percent told Credit Karma that they can no longer afford their rent.
The struggle to make rent is causing some to reconsider their living arrangements, with 25 percent of Gen Z and millennial renters saying they are thinking about moving in with family or friends to make ends meet.
Rising housing costs aren’t just impacting America’s youngest adults. In total, 24 percent of American adults regardless of age can no longer afford to pay their rent, according to the survey.
And while that percentage is more pronounced among Gen Z, it is highest among millennials—30 percent of whom told Credit Karma they can no longer make rent.
Ten percent of Americans 69 and older also said they are struggling to make rent payments.
Multiple factors have contributed to rising housing prices including inflation, a boom in demand and low inventory, according to Bankrate.
While rent prices have slightly dropped, the median cost of housing is still too much for many Americans.
The median asking rent fell to $1,937 a month in March of last year, according to real estate outlet Redfin.
Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
