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Podcast: The Tom Toole Sales Group Podcast
Episode: Gen-Z is Spending 30% of Their Income on Rent - Tom's Take 345
Description: Gen-Z in Greater Philadelphia spends 30% of their income on rent. This affordability issue has persisted for 36 months since the start of the COVID-19 pandemic. Young adults in the area are dedicating almost a third of their income to renting, making it a norm.
Rent prices are rising steadily, with a 9.46% increase last year, while home prices have grown by 4.64% year over year. It's crucial to note that homeownership offers wealth-building opportunities and tax benefits.
Various low down payment options are available for aspiring homeowners. Consult a professional to explore your homeownership options without overextending your finances.