New Survey Looks At Who Spends More On Rent & Housing: Gen Z or Millenials?
Did you know that Gen Zers are outspending Millennials when it comes to rent costs by age 30?
In Philadelphia, Hapco Philadelphia’s partner at RentCafe.com have found that Zoomers are projected to shell out more than $157,000 on rent by age 30 — $18,500 more than their avocado-loving predecessors. For the ambitious Philly Zoomers eyeing homeownership, the transition from renter to owner status demands an extra $36,000, according to our latest report.
RentCafe’s latest study delves into historical housing costs and spending habits across nearly 200 metro areas in the U.S., using IPUMS data. Specifically, they examined how much Gen Z and Millennials allocate toward rent and homeownership before hitting the big 3-0.
Here’s how much an average Gen Zer is expected to pay for renting and owning in different Pennsylvania metros before turning 30:
Have an extra 5 minutes? Check out the highlights on Philly Zoomers:
- In Philadelphia, Gen Z is expected to fork out $157,191 on rent by age 30 — enough to buy a fancy car and the highest amount among the Pennsylvania metros analyzed. As for homeownership, the total cost for Gen Zers in Philadelphia amounts to approximately $192,994 by age 30 (mortgage, fees, and insurance included, but down payment excluded).
- By contrast, Millennials spent less on rent ($137,000), but more on homeownership ($202,500) at the same age.
- Additionally, Philadelphia’s Zoomers are anticipated to rake in slightly higher incomes before hitting 30 compared to their Millennial predecessors — $550,860 versus Millennials’ $542,922.
What’s your take on Generation Z’s housing costs in Philadelphia? Hapco Philadelphia and RentCafe.com would love to hear your input!
About the methodology:
Using the most recent IPUMS data, the RentCafe.com research team analyzed the rent and homeownership costs and incomes across 197 metros in the U.S. for an eight-year period for each generation (from 22 to 29 years old). The study looked at the average amount that each generation spent or would spend on rent or owning and the average income they earned during that same period at the household level. Costs and income for each year in the sample have been adjusted to the 2023 value of the U.S. dollar. Millennials are defined as individuals born between 1981 and 1996, and Gen Z individuals were born between 1994 and 2000.
Hapco Philadelphia In The News On Council Eviction Diversion, Financial Assistance Bills
Hapco Philadelphia weighs in with the news media after several Philadelphia City Council Members proposed making the City’s Eviction Diversion Program permanent.
Lawmakers also called for more money to help pay rental owners who are owed back rent.
Read Hapco Philadelphia’s full press release statement:
“It is too soon to make the eviction diversion program permanent as there are a lot of issues that still need to be worked out before that can be done.
For starters, we still do not have any official regulations for administering this program. Decisions are being made on the fly without going through the normal channels for adopting regulations.
Additionally, the diversion program should only apply to landlord tenant cases for non-payment of rent where the amount owed qualifies the tenant for rental assistance. The main purpose for the diversion program is to allow the tenant time to get rental assistance. There is no reason any other case should have to go to diversion.
Finally, the diversion program should only be mandatory AFTER a landlord tenant complaint is filed. Any pre-filing diversion program should only be a voluntary program where both parties agree that it would be helpful. Keep in mind, when a tenant is behind in the rent or there is some other violation of the lease that has occurred, before the landlord files for eviction, they have tried to work with the tenant to resolve any outstanding issues. No landlord wants to file for eviction. But when they are forced to do so, there is no reason they should have to wait an additional 30 days before they can file if rental assistance is not available to the tenant.
Thanks.
Squatter Removal Bill Being Proposed For Pennsylvania
Hapco Philadelphia has been advocating for years for more authority to remove squatters from rental properties.
And now a bill is being introduced in the Pennsylvania State House to do just that.
Read through the proposed bill summary below and MAKE YOUR VOICE HEARD IN HARRISBURG!
| From: | Representative Donna Scheuren |
| To: | All House members |
| Subject: | Homeowner Protection & Squatter Eviction Act |
In recent weeks, many of us have received anxious messages from our constituents regarding the unlawful and highly dishonest practice of “squatting,” which involves the occupation or possession of a residence or other real property without the lawful owner’s consent. Squatting incidents have been occurring at an ever-increasing rate throughout this country and criminals are keenly taking advantage of lax laws to commandeer the property rights of lawful home and landowners. Some recent squatting incidents include:
While any act of squatting will likely violate numerous provisions of the Pennsylvania Crimes Code, including Section 3502 (Burglary) and Section 3503 (Criminal Trespass), law enforcement officers are often reluctant to take any action because of the difficulty associated with identifying which individual is the lawful owner. Legislation is clearly needed to strengthen property rights and homeowner protections and increase criminal penalties for squatting. If a homeowner discovers a squatter anywhere on his or her property, the legislation will allow municipal and state law enforcement officers to immediately remove the squatter from the property if the homeowner signs an affidavit, subject to criminal penalties for unsworn falsification to authorities, stating that he or she is, in fact, the lawful owner of the residence. The legislation will also provide that any squatter who causes $1,000 or more in property damage, while unlawfully occupying a residence, is guilty of a felony of the first degree. To ensure that owners are made whole, my legislation will authorize home and landowners to seek treble damages and attorneys’ fees via a civil action against the squatter. Lastly, if the squatter is an illegal immigrant, the legislation will require law enforcement to promptly notify Immigration and Customs Enforcement of the individual’s undocumented immigration status and to comply with any ICE detainer lodged against the illegal immigrant. Please join me in cosponsoring this important piece of legislation to better protect our Commonwealth. Read recent news accounts of squatters taking advantage of loopholes in the current laws. [1] https://www.cnn.com/2024/03/22/us/nyc-squatters-murder-arrests/index.html [2] https://moneywise.com/a/ch-aol/queens-arrested-for-trying-to-keep-squatters-out-of-her-home_1711572065079?utm_source=syn_msna_mon&utm_medium=Z&utm_campaign=47583&utm_content=msna_mon_47583 [3] https://nypost.com/2024/01/08/news/philadelphia-homeowner-is-forced-to-pay-1200-to-get-squatters-out/ [4] https://nypost.com/2024/03/21/us-news/tiktokker-tells-illegal-immigrants-how-to-invade-american-homes/ [5] https://www.foxbusiness.com/real-estate/squatters-turn-pennsylvania-homes-drug-dens-set-indoor-campfire-cook-canned-ravioli |
