Young adults with full-time jobs are having a tough time living on their own, according to a new report from LendingTree. A survey found that just 26.9% of adults ages 18 to 27 who work full time are able to live comfortably on their own.
By comparison, more than half of millennials, Gen Xers and baby boomers with full-time jobs can live comfortably on their own.
LendingTree defined “living comfortably” as being able to afford a standard one-bedroom apartment while spending less than 30% of income on rent.
The ability to afford such housing varies widely by metro area.
RELATED STORY | Census data reveals growing financial struggles for seniors, renters and rural Americans
In Scranton, Pennsylvania, more than seven in 10 members of Gen Z with full-time jobs can afford a one-bedroom apartment. In Toledo, Ohio, nearly two-thirds of young adults with full-time work can afford a basic apartment.
But in Oxnard, California, fewer than 10% of young working adults can afford an apartment. The situation is similar in cities such as Miami, San Diego and Honolulu.
The survey also found that there are now more members of Gen Z working full time than baby boomers.
About 60% of Gen Xers can afford a one-bedroom apartment while spending less than 30% of their salary. Around 57% of millennials and 56% of baby boomers can do the same.
While young adults generally earn less than their older peers, rent prices remain a key factor. In addition to negotiating salaries, LendingTree recommends renters try to negotiate their rent.
RELATED STORY | Why baby boomers and Gen X are staying in their rentals longer
“Finding a new tenant is a headache,” LendingTree said in the report. “It takes time and money that the landlord would prefer not to spend. Assuming you’ve been easy to work with, they’d likely rather have you stick around, and they might even be willing to knock a couple of bucks off your rent each month to make it happen.”
