Remember that time when we thought we’d all be married with kids and moved into a cute little ranch by the time we were 26? LOL. Good times. I, a millennial, would still love to own a house one day, but from the looks of it, my only chance of affording one is to convert an old Sprinter van into a tiny home or move to bumblef*ck Idaho as soon as I get out from under this crippling debt. If this sounds familiar to you, it turns out we’re not the only ones in this sinking boat. In a 2019 millennial housing trends report released by residential rental platform Zumper, there are some not-so-shocking and super relatable facts we should all know to not feel alone in our struggles, and to understand how damn tragic the state of our economy actually is right now. Brace yourselves for the ugly truth, which probably won’t even surprise you.
1. 1 In 3 Millennials Spent More Than 30% Of Their Monthly Income On Rent
Yup, I know I do (but although I’m not making a fortune and I’d prefer not to risk maxing out my credit cards, I happen to really love my job). Anyway, according to this report, “while nearly all millennial respondents (91%) thought they should spend 30% or less on rent, only 65% actually did.” Allow me to explain what that means. About 1/3 of us literally paid over 30% of our average $25-50k annual incomes to our landlords who don’t even give a sh*t about us. This is straight robbery. And please don’t tell us to get better paying jobs. That may not be an option for some folks.
2. Over Half Of All Millennials Reported Still Having Student Loans
Let’s go over that again. Over HALF of ALL MILLENNIALS still have to pay off their student loans… aka over 50% OF US are
forever indebted to our colleges. And a lot of grads aren’t even working their dream jobs. #SAD! I remember a conversation I had with the chairperson of my department about five years ago (WTF, I’m old) who said she’s still paying off her student loans, and she was in her 60s at the time. When does it stop? Does it ever stop? SOS.
3. Millennials Lived With Their Partners More Than Any Other Age Group
When we talk about living with your significant other do we talk about differences in wall plug in/ candle scents ???? Because it’s always a disagreement in the fragrance isle with us.
— Tsunami 🌊 (@jermaindupree) October 31, 2019
My non-expert assumption about why this is our reality is because it’s HARD to survive on our own out here. With one-bedroom studio apartments the size of a cardboard box costing upwards of $1,800/month, it’s a no-brainer to move in with your significant other if you can. Sure, you might not have another room to escape to when they piss you off, but at least you can afford a drink at happy hour to forget about it the next day.
4. 1 In 6 Millennials Lived With Their Parents In 2019
This number rose from 10% last year to 16% this year. Why? Hmm… if I had to take a wild guess, I’d say it probably has something to do with points #1 and #2 and not having a partner as mentioned in point #3. If you don’t have a friend who you won’t kill if you lived together and can’t afford to cover rent by yourself, the next logical option you have is to live with your family until you can move out and live life without stressing about whether or not you can afford to eat every day. And a quick reminder for those who need to hear it: there’s absolutely no shame in living with your parents. Yeah, it might suck if your family sucks, but in the wise words of Tommy Pickles, a baby’s gotta do what a baby’s gotta do. We ain’t judging.
5. 1 In 4 Millennials Plan To Relocate In The Next Year
Shocker! If you can afford to live in NYC, LA, or another mega U.S. hub, then all power to you. I, on the other hand, cannot (yet) as a freelance writer, so I dwell in the suburbs of Long Island. However, a whopping 25% of us are itching to GTFO of our current cities and escape to somewhere cheaper in the near future to save some cash and settle down in a place with lower rent and a better quality of life. I am a part of that 25% (sidenote: please slide into my DMs/comment below if you live in Colorado, Montana, and/or Maine, because I want to be your neighbor).
6. Millennials Are More Satisfied With
Their Current Living Situation Than Baby Boomers
6 out of 10 millennials are cool with their current housing sitch, as opposed to 5 out of 10 baby boomers who are fine with theirs. WHAT? On top of all of the modern-day lifestyle struggles we’re facing, millennials are still happier than the baby boomers?? The ones who call us snowflakes and blame us for everything going to sh*t???? Love this stat. This is proof that we are strong, independent adults who don’t need no sugar daddies or mommies to take care of us (although that’d really help, tbh). We might be financially unstable, but we got this. Cheers to us.
Okay, that’s enough data for one day. My brain and my heart hurt. If you want to depress yourself with more housing facts, you can read the full report here. Personally, I’ve had enough. Now excuse me while I go drown my sorrows in an $8 margarita and dream of the beautiful
mansion RV I WILL one day have. I don’t know about you, but this millennial would be totally fine with a few square feet of space to call my own while traveling the country for a few hundred bucks a month. But until then, budgeting my finances in my basement apartment with kids running over my head 24/7 will have to do.
Images: John Smyth / Unsplash, GIPHY (5), Twitter @jermaindupree