Where Do Millennial Renters Outcompete Older Generations?

David Deem

By Nadia Evangelou, Senior Economist, Director of Forecasting, NATIONAL ASSOCIATION OF REALTORS®

Nationwide, 34 percent of the millennial renters can afford to buy the typical home compared to 40 percent of Gen X renters. However, the income gap between millennial and Gen X renters has been declining, and millennials actually outcompete older generations in some large local markets. According to an NAR analysis, in 30 percent of the 100 largest U.S. metro areas, millennial renters are more likely than their Gen X counterparts to have the income to buy the typical home.

Here are the top 10 metro areas where millennial renters are outpacing older renters:

In these metro areas, the income for millennial renters is higher than the income for Gen Xers. Specifically, millennial renters earn, on average, nearly 20 percent or $8,000 more than Gen Xers. For instance, in the Boston, Mass. metro area, which includes parts of New Hampshire, the median income for millennial renters was $69,530 compared to $53,530 for Gen X renters.

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