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Millennials Think Parents Should Be Paying Their Rent

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A recent poll conducted by Redfield & Wilton Strategies found that 50 percent of millennials believe their parents should help them pay rent while they save money for a home. Across all generations, 43 percent of respondents agreed that parents who can afford to help should assist with rental costs. Millennials had the highest rate of respondents (50 percent) saying parents should help with rent, followed by Gen Zers (49 percent), Gen Xers (37 percent), and baby boomers and the Silent Generation (40 percent). The unaffordability of the housing market has forced many millennials to delay buying a home and rent for longer periods of time. The average sales price of houses sold in the US in the last quarter of 2023 was $492,300, compared to $148,300 in the last quarter of 1993 and $90,800 in the last quarter of 1983. Rent prices have also surged, with a 208 percent increase between 1985-2023. The median price of an apartment in February 2024 was $1,981. The poll also found that 57 percent of respondents across all generations believe parents should help their adult children with funding for their first home if they can afford to offer aid. Sixty-one percent of boomers agreed with this statement, followed by 56 percent of millennials, 56 percent of Gen Zers, and 55 percent of Gen Xers. The average price of a home in the US as of February 29 was $347,716. The housing market's unaffordability has led experts to suggest that millennials either need to allocate more money to savings or reduce their expectations. The poll's results challenge the narrative that millennials are entitled and highlight the difficulties they face in achieving homeownership.

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