How much of your monthly income goes to rent?

I just read an alarming story the other day that explained why millennials face a more difficult financial burden than the two generations above them. One of the biggest reasons being the price of (damn near) everything increasing at a higher rate than their yearly income.

Millennials are the generation that have waited the longest to purchase a home. That is because the real estate market has seen a significant jump in value from the 60’s,70’s and 80’s where the median price for a home was between $12,000–$30,000. Adjusted or inflation that would be just under and over $100,000 in todays money. Since the early 2000’s the price of homes increased at a staggering rate with the median price of a home being around $120,000 which with inflation today is over $170,000.

If the value of real estate keeps increasing at this rate, the youngest generations will have a very slim chance at experiencing home ownership in their lives. This is also why millennials are known as a generation of renters. Although the soaring home market isn’t the only reason millennials aren’t buying, they don’t want to stay in one place for very long. They are the generation of side hustles and work from home opportunities which means they can travel and relocate more than any other generation before them.

This map from housinglist.com shows the highest and lowest rent prices around the US. As a millennial myself this can help me plan out my next adventure where I can work my side hustles anywhere with wifi. I would gladly avoid the first 3 highest on the list NYC, Miami and Boston. I’m not a bit city gal anyway.

Exploring Alaska might be a bit extreme for some but I think Anchorage, which comes in at number two for most affordable rent for a one bedroom, sounds like a super fun adventure for a few months. Or I’ve always wanted to see what Texas was like and they have 4 cities on this list of 15 cheapest one bedroom rentals in the US.