Members of Gen Z and Millenials are seeing their personal inflation rates cool as rent prices moderate.
These demographics have lower personal inflation rates than the overall population for the first time in two years, according to a new CPI analysis from Redfin.
Gen Zers and Millennials who signed a new lease in December saw the cost of their goods and services rise 5.6% and 6.1%, respectively, compared to a 6.5% increase for the average American.
Gen Zers overall now have a lower personal inflation rate than the U.S. population for the first time since the beginning of 2021.
Inflation was heavily impacted by shelter costs, which make up around a third of the value of goods and services included…
As the housing correction continues, most Americans have a gloomy outlook for the market’s future. A ConsumerAffairs survey found that 78% of Americans expect the housing market to crash and soon. More than half of baby boomers said they believe 2023 will bring a housing crisis. Most Zoomers went so far as to say they’re hoping for one– 84% want a market crash because they believe it will help them buy their first home. Gen Zers overwhelmingly want to own their own homes, with 59% identifying homeownership as a sign of success. But many are worried they may never be able to afford a home if prices continue rising as they have in the last two years. “Non-homeowners cite insufficient…
Millennials are often touted as getting the short stick when it comes to the housing market. Over the housing boom of the last two years, many Millennials who recently reached prime homebuying age started looking to buy their first home. But high competition and limited inventory have made this a notoriously difficult market for first-time buyers. This has been intensified by rising home prices. As of 2021, the average millennial with a mortgage owed $255,527 in mortgage debt, up 10% from the 2020 average and 16% from 2019. But while Millennials may be the largest buying cohort right now, Gen Z is right on their heels. Gen Z places much stock in the value of owning a home. Nearly 60%…
Condo prices hit a record high– $319,000, up 14.6% YOY and 22.7% from before the pandemic— as buyers priced out of the single-family market turn towards more affordable options, Redfin reported. This is a turn-around from the beginning of the pandemic when American buyers wanted to avoid crowded areas, causing condo sales to drop by 48%. But as pandemic fears subside and home shoppers face stock shortages and price appreciation in the single-family market, condos are making a comeback. Gen Z in particular is reviving urban hotspots assumed to be dying out due to Covid-19. “Big cities are appealing for a host of reasons—big cities offer diverse job opportunities. Big cities offer many amenities that are not available in smaller…
Gen Z is reviving urban hotspots assumed to be dying out due to Covid-19, a new report from RentCafe found. Gen Z is the only generation to see a spike in renting activity in the last year, up by 21% while the share of rent applications from all other generations dropped. They account for a quarter of all rent activity nationwide and pushed the number of applications for apartments from renters of all generations up an average of 10%. In 2020, Zoomers were stuck in their families’ hometowns or in their college towns. But now, following promises of job opportunities and vibrant living, they’re renting in cities once thought doomed in the wake of the pandemic. Compared to 2020, there…
