Renting has become a reality for many millennials and Gen Zs, and the data backs it up. However, we’re not here to scare you with grim statistics. Instead, we educate you about smart renting options and insights to ensure you find a great place to live while saving up for your dream home. Millennials in cities like Santa Barbara spend an average of $184,000 on rent by age 30, about 26% of their income. Gen Z renters are projected to spend $209,000, nearly 29%, by the same age. These numbers highlight how renting is a temporary phase and a key part of life for many young adults today.
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