A recent study conducted by ABODO supports that rising rent affects all age groups across the board. The findings, which are pulled from the 2015 American Community Survey housing data, shows that 46.7 percent of American renters spend more than 30 percent of their income on housing.
In New Orleans, 51.6 percent of Millennials, 49.2 percent of Generation Xers, and 55.9 percent of Baby Boomers spend more than 30 percent of their total income on rent in New Orleans.
“We also found that out of all 100 cities included in the study, Millennials in New Orleans are the 20th most cost-burdened group of Millennials in the entire U.S,” writes Sam Radbil, the senior communications manager at ABODO.
Nationwide, “More than 46.5% of Millennials are struggling to afford housing costs, while 44.4% of Gen Xers and 49% of Baby Boomers are also spending more than 30% of their income on housing,” Radbil adds.
Urban areas in Honolulu, Hawaii, rank as the areas with the largest impact on the three generations.
Last June, the National Low Income Housing Coalition and Greater New Orleans Fair Housing Action center ranked Louisiana No. 30 as the state with the highest rent. In their findings, renters would need to have an income of at least $38,560. The median income in New Orleans is roughly $1,600 less at $36,964.
The New Orleans metro area has roughly 189,000 renters.
This August, Zumper ranked New Orleans No. 18 as the city with the highest rent in the United States.
For more information on the nationwide study conducted by ABODO, check out ABODO’s official website.
- Renter Cost Burdens by Generation [ABODO]
- New Orleans rent affordability: How much you need to live comfortably [Curbed NOLA]
- New Orleans one-bedroom rent falls during July [Curbed NOLA]