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36 MILLENNIALS SPEND NEARLY $100,000 ON RENT BY AGE 30 e average percentage income that millennials will spend on rent between the ages of 22 and 30 is 45 percent, according to a new study by RENTCafé. at sounds like a lot—as does the $92,600 total amount they spend on rent during that time—but let's add some context to the raw figure. RENTCafé's study mined U.S. Census data to determine the previous generation's average income and rent burden during that eight-year window leading up to age 30. As their report states, "we looked at the average income representative for the ages analyzed, rather than the average income of the overall population, because people in their 20s, with limited experience in the workforce, typically have a lower income than those over 40 who are at the peak of their careers." e data refers to single people paying the rent by themselves, and all numbers were adjusted to 2017 prices. All that taken into consideration, millennials are indeed carrying a heavier rent burden than other recent generations, but not by as much as you might expect. e millennial rent burden of 45 percent is only slightly higher than the 41 percent carried by Generation X, but quite a bit higher than the average baby boomer rent burden of 36 percent carried during their early adult years. However, the median income of millennials during those eight years is also higher at $206,600 than in the two preceding generations. For comparison's sake, Generation X typically earned about $202,100 in their 20s and spent $82,200 of that on rent. For baby boomers, those numbers were $195,700 earned and $71,000 spent on rent. Breaking those numbers down further, RENTCafé found that millennials earn on average $10,900 more than baby boomers did in their twenties, but they're also paying $21,600 more for rent—more than double. e trend also continues within the millennial category itself, with younger millennials paying considerably more during that eight- year window than their older counterparts. According to the RENTCafé report, millennials aged between 22-29 paid a median rent of $97,400 before turning 30, whereas millennials currently aged 30-40 only paid $90,500 during that age span, a difference of nearly $7,000. Generation Z, now aged around 20 years old, is forecast to pay an average of $102,100 in rent by the time they turn 30. PINPOINTING THE HOTTEST HOUSING MARKETS e latest ProTeck Housing Market Report shows West Coast markets booming—which comes as no surprise—but the only East Coast metro to make the list might not be what you'd expect. According to ProTeck's report, the Portland-South Portland, Maine, metro landed on the list of top 10 hottest housing markets for April 2018 thanks to strong performance in several of the tracked categories. Portland's Months of Remaining Inventory (MRI) for April was 2.62, with anything below 3 indicating a seller's market for the region. Portland's foreclosures as a percentage of sales are low at 1.63 percent and featured the lowest average sold price—$265,000—of all the core-based statistical areas (CBSAs) featured in ProTech's top 10. California metros feature heavily in the ProTeck top 10. San Francisco-Redwood City-South San Francisco sports 2.02 MRI, a 0.76 perfect foreclosures as a percentage of sales, and an average sold price of $1.5 million. San Jose-Sunnyvale-Santa Clarita, California, makes an appearance, with a 1.86 MRI, a 0.94 foreclosure percentage of sales, and a $1.28 million average sold price. In fact, half of the top 10 is made up of California markets: in addition to San Francisco and San Jose, the top 10 includes San Diego-Carlsbad, Oakland- Hayward-Berkeley, and Stockton-Lodi. Nevada is also well represented with two entries on the list. Reno, Nevada, boasts an MRI of 3.28, suggesting a larger inventory skewed more toward a buyer's market. Reno's foreclosures as a percentage of sales are low at 0.46 percent, and the average sold price at $360,000. e other Nevada market cracking ProTeck's top 10 for April 2018 is Las Vegas- Henderson-Paradise, with an MRI of 3.09, a 2.60 foreclosure percentage of sales, and an average sold price of $275,000. Rounding out the top 10 hottest markets are Colorado Springs, Colorado, and Seattle- Bellevue-Everett, Washington.

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