City Living: Millennials Are Making It Happen, And This Is How They’re Doing It
Across the country, millennials are having a tough time finding affordable housing. It’s not just the fact that they’re thrown into the workforce during the worst financial crisis since the Great Depression, and no, they’re not spending their life savings on avocado toast. Research has shown that it’s actually more difficult for millennials to buy real estate than their parents before them. So instead, they rent. But rent prices have become absolutely insane.
79% Of Their Income Is Spent On Housing
The median rent for an apartment in New York City is $4,350. In places like San Francisco, recent graduates can drop roughly 79% of their monthly salary to keep a roof over their heads. The rising cost of housing has led many millennials to get pretty crafty in order to avoid moving back in with mom and dad. The city-dwelling millennials featured here (including engineers of Tesla and Google) have found a creative solution to the housing crisis. Even if it means renting a box in a living room for $1,000 a month.