Millennials Face Rising Housing Costs: See How Arizona Rents Stack Up
Millennials are paying a whopping 11.5% more on average for housing compared to previous generations. This striking statistic comes from a recent GOBankingRates study examining average apartment prices across the nation.
Discover Affordable Housing: 5 Cities with Upcoming Bargains in Two Years
Important Insight: Avoid These Financial Advisor Pitfalls
To conduct the study, GOBankingRates gathered data from the U.S. Census American Community Survey, Sperling’s BestPlaces, ApartmentList, and the Zillow Home Value Index. The analysis added the 11.5% increased costs to the average rents of one- and two-bedroom apartments in seven Arizona cities, providing insight into what millennials might expect to pay.
Let’s take a closer look at rental prices for millennials in these Arizona cities.
Phoenix
- Average rent for one-bedroom: $1,300
- Average rent for two-bedroom: $1,550
Explore: 5 Housing Markets Expected to Fall in Value by 2025
Fascinating Read: 7 Home Features to Avoid Investing In, According to Experts
Tucson
- Average rent for one-bedroom: $1,012
- Average rent for two-bedroom: $1,299
Find Out More: 10 Housing Markets Attracting Buyers as Rates Decrease
Mesa
- Average rent for one-bedroom: $1,349
- Average rent for two-bedroom: $1,518
Chandler
- Average rent for one-bedroom: $1,567
- Average rent for two-bedroom: $1,766
Gilbert
- Average rent for one-bedroom: $1,646
- Average rent for two-bedroom: $1,797
Glendale
- Average rent for one-bedroom: $1,290
- Average rent for two-bedroom: $1,441
Scottsdale
- Average rent for one-bedroom: $1,667
- Average rent for two-bedroom: $1,960
Methodology: For this study, GOBankingRates analyzed rental costs from major U.S. cities and the associated cost of living. They focused on the 100 most populated cities from the U.S. Census American Community Survey, compiling various metrics such as population, household income, and rent prices. Data was collected and is current as of Sept. 13, 2024.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: What Millennials Can Expect To Pay in Rent in These 7 Arizona Cities
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
