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Low Angle View Of Townhouses Against Blue Sky California is home to many cities in which at least half of millennials cannot afford to rent a one-bedroom apartment, according to a recent analysis from Filterbuy.
Beyond inflationary pressures in staples such as food and gasoline , median rental prices increased 17.6% in 2021 and a total of 6.7% in the first seven months of 2022, according to Apartment List . Rent hikes are especially impacting the millennial cohort — defined by the Filterbuy analysis as those between 24 and 39 years old — which has the highest proportion of renters in comparison to other generations.
“The combination of rising rents and stagnant wages has been a challenge for Americans of all stripes, but certain groups have been more disadvantaged by this state of affairs than others,” Filterbuy explained. “Even well-off households are feeling pressure, as rising real estate costs price would-be buyers out and keep them competing for space in the rental market — and as they spend more on rent, they have a harder time saving for homeownership.”
The renter wage gap — the difference between median wages for millennial renters and median wages necessary to afford a one-bedroom rental without spending more than 30% of wages — is highest in the metropolitan area constituted by Los Angeles, Anaheim, and Long Beach. Although median wages are $36,649, the annual wage necessary for a one-bedroom apartment is $72,560 — pointing to a renter wage gap of 49.5%.
Because the median constitutes the middle of a data set, the data imply that over half of millennials are unable to afford one-bedroom apartments in the southern California cities.
“For millennials in some parts of the country, rental units fortunately remain relatively affordable,” Filterbuy continued. “The interior of the U.S. tends to have the most affordable locations, […]
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They’re Trying to Shut Us Down
Over the last several months, I’ve lost count of how many times the powers-that-be have tried to shut us down. They’ve sent hackers at us, forcing us to take extreme measures on web security. They sent attorneys after us, but thankfully we’re not easily intimidated by baseless accusations or threats. They’ve even gone so far as to make physical threats. Those can actually be a bit worrisome but Remington has me covered.
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