Wednesday, July 15, 2015

When Major US Cities Became Unaffordable To 22-34 Year Old Workers: Chart

From BloombergBusiness, "The Exact Moment Big Cities Got Too Expensive for Millennials: It wasn't so long ago that cheap rentals in big cities weren't a fantasy" by Patrick Clark:

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Rents are stretching millennial budgets throughout the U.S. Nationally, the typical worker from 22 to 34 years old paid 30 percent of income for rent in the first quarter of 2015, up from 23 percent in 1979, when the analysis begins. In those places, rental unaffordability is a distinct obstacle for people trying to carve out lives and careers, particularly in the nine major cities shown in the chart below, where more than half of households rent. [Footnote omitted.]

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Percentage Of Income Paid For Rent By 22-34 Year Old Worker In Major Cities Over Time
Source: BloombergBusiness

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