🌅 Today’s stat: 42 years

SOURCE

Zillow Consumer Housing Trends Report 2024

WHAT TO KNOW

• The median age of renters in the U.S. had been steadily but slowly growing over time before skyrocketing in recent years (the median age of renters in 2021 was just 33 years old). Millennials, who recently regained their position as the dominant force in U.S. home buying, represent the largest share of renters by generation (31%), followed by Gen Z (25%) and Baby Boomers (24%).

WHY IT MATTERS

• Over a third (35%) of American households live in rented homes, half (49.7%) of which are cost-burdened (meaning they spend more than 30% of their income on housing costs), up from 40% in 2022. Other data from Zillow shows rents for single-family homes have increased 41% from pre-pandemic norms, while rents for multifamily apartments are up 26%, marking the greatest disparity between the two subsets since Zillow began tracking such data in 2018.

CONNECT THE DOTS

• The so-called “singles tax” (the extra amount solo renters pay for a one-bedroom rental compared to splitting rent with roommates or partners) reached a record-high $7,562 in 2024, increasing by more than $450 from the previous year. Put differently: compared to those who rent alone, couples or roommates sharing a one-bedroom rental collectively save $15,123 annually.