Gen-Z paying $30k more for rent than Millennials

(COLORADO SPRINGS) — In the Colorado Springs metro area, a new report shows that Zoomers are projected to spend $30,000 more on rent, and $12,000 more on home-ownership.

The study uses data from the population database IPUMS to examine how much Gen Z and Millennials will allocate towards rent and homeownership before the age of 30. In Colorado Springs, Gen-Zers are projected to spend $158,187 on rent before they reach the age of 30. Homeowners in the Zoomer generation will spend $188,498 on average (the number covers mortgage, fees, and insurance but excludes down payment).

Millennials, however, paid about $128,000 for rent in their 20s, nearly $30,000 less than what Zoomers are projected to pay, and homeownership costs were around $177,000, about $12,000 less than Zoomers’ projected homeownership costs.

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