Nationwide, 34% of the millennial renters can afford to buy the typical home compared to 40% of Gen X renters. While the income gap between Millennial and Gen Xer renters is declining over the years, Millennials out-compete older generations in some large local markets. Actually, among the 100 largest metro areas across the United States, in 30 percent of these areas, there is a higher proportion of millennial than Gen X renters that can afford to buy the typical home.
The National Association of Realtors® compared the share of renters between Millennials and Gen Xers that they can afford to buy the typical home in the 100 largest metro areas. Here are the top 10 metro areas where millennial renters can afford to buy a home more than any other older generation:
In these metro areas, the income for millennial renters is higher than the income for Gen Xers. Specifically, millennial renters earn on average nearly 20% or $8,000 more than what Gen Xers do. For instance, in Boston, MA-NH metro area, the median income for millennial renters was $69,530 compared to $53,530 for Gen X renters.