Cost of Living 2023: How Much Every Generation Pays in Rent

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2023-09-06 16:00:56  • 5 mins

America is bent on rent, with around 35% of the U.S. population renting their housing as of 2021. To better understand the situation, GOBankingRates asked Americans about how much they spend on rent, and in what age range they fall.

See: 6 Things Millionaires Are Doing With Their Money To Prep for an Economic Downturn

Find Out: What To Do If You Owe Back Taxes to the IRS

Heres what we found out, in terms of a breakdown of whos paying what monthly:

  • Those paying $500 and under: 14.85%
  • Those paying between $501 and $1,000: 23.10%
  • Those paying between $1,001 and $1,500: 9.81%
  • Those paying between $1,501 and $2,000: 8.07%
  • Those paying between $2,001 and $3,000: 5.96%
  • Those paying between $3,000 and $4,000: 2.65%
  • Those paying $4,000+: 1.46%
  • Those not renting: $29.06%

Whats perhaps most interesting about this data is that such a sizable portion of renters (nearly 15%) are paying $500 or less. Thats far below the national average of $1,702 which gets you a 897 sq. ft. apartment according to RentCafe. Additionally, 25% of Americans are paying between $501 and $1,000 on rent, also impressive given the much higher national average. According to these findings, it looks like only 8.07% of Americans are in that $1,702 spot that the average American is paying in rent.

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