Charleston, SC Area Gen Zers to Spend Over $155,000 on Rent Before Hitting 30. What If They Switched to Homeownership?
If you’re a Gen Zer renting in Charleston, you’re likely to shell out a whopping $155,600 on rent by the time you hit the big 3-0 — the 2nd highest amount in all of the Southeast. However, homeownership turns out even pricier.
A new RentCafe study delves into historical housing costs and spending patterns in nearly 200 U.S. metros, using IPUMS data. Specifically, we looked at how much Gen Z and Millennialsspend on renting or owning a home by the time they reach 30.
Here’s what the data says about Charleston:
- The $155,000+ spent on rent by Charleston’s Gen Zers in their 20s is enough to buy a new Tesla. But if they were to buy a home instead, the total costs — including mortgage rates andother fees, but excluding the down payment — would soar to nearly $180,000, the highest cost in the Southeast.
- However, the $24,000 gap between renting and owning costs in Charleston is smaller than in places like Myrtle Beach, SC; Greenville, SC; or Raleigh, NC (and notably lower than the$42,000 gap faced by Millennials at age 30).
- Plus, Gen Zers in Charleston are expected to have the 4th highest income in the Southeast by the time they hit 30, at $532,800. This makes it even easier for Charleston Zoomers toswitch from renting to owning a home (provided they have the down payment).
- In Charleston, Millennials navigating their 20s spent less when it came to renting a place ($131,400) or owning a home ($173,400). However, they also earned less than their youngerpeers by age 30 ($514,000).
This full article contains more details on Gen Zers’ rent and homeownership expenses, as well as how they compare with Millennials. Here’s the link: https://www.rentcafe.com/blog/rental-market/market-snapshots/gen-z-rent-by-30/