Millennials will never get to live alone

There’s more evidence that renters are just as likely to be struggling as homeowners.

A typical renter in Miami would need to spend nearly 50% of his or her income to rent a one-bedroom apartment, but a typical millennial renter would need to spend 54% of his or her income in that city, according to a new analysis of rental listings by real estate site Trulia. In Los Angeles, millennials pay nearly 39% of their monthly rent versus 34% for the average renter. In New York, they pay as much as the average renter (34%) and pay slightly less than the average renter in San Francisco (33.5% versus for the average renter 37%).

The solution is simple, though maybe not ideal for everyone: In America’s biggest rental markets, a renter can save on average 13% of his or her income by getting a roommate. While splitting an apartment with a roommate will save money, the benefits of sharing a living space vary from city to city, home to home. In Miami, millennials save 19% of their income in a two-bedroom apartment and they can save 14% in Los Angeles and New York, but only 9.5% in Washington, D.C. In all cases, except Miami, they can pay less than 30% of their income on rent by having a roomie.

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