Renting vs Owning: How Much Gen Z Pays by Age 30 🔑

What we’re showing

This graphic shows how much Gen Z would pay in housing costs from ages 22 to 29 in some of America's most expensive cities. Data comes from RentCafe.com.

Key takeaways

This data provides a unique perspective on housing costs for young American adults, though it's important to note that the ownership costs shown do not include a down payment.

Here are some key findings from this study:

• The cost differential between renting and owning varies greatly by city
• In the most expensive U.S. cities, total rent from ages 22 to 29 can easily surpass $200,000

While not shown by this data, owning your home would become greatly beneficial once the mortgage is paid off.

Methodology

RentCafe analyzed rent and homeowning costs in the U.S. based on IPUMS data. Costs for each year in the sample have been adjusted to 2023 USD. 

This graphic covers Gen Zs born between 1994 and 2000. IPUMS data was used for the 22 to 25 years old age interval, whereas for 26 to 29 years old, estimates were made based on Millennials’ behavior and patterns at the same age. 

Rent costs defined by IPUMS refer to the gross monthly rental cost of the housing unit, including utilities. 

Owning costs are the sum of payments for mortgages, deeds of trust, contracts to purchase, taxes, insurance, and utilities. Down payments were not included in ownership costs.