Even though home ownership is considered the American dream, many young Americans can’t afford it. More than 78% of homeowners are 65 years old or older. Less than 36% of homeowners are under 35 years old.
Yet apartment renting isn’t always the cheaper option either. San Francisco features the highest average national rent prices. A studio apartment costs $2,500 monthly while a one-bedroom apartment costs $3,700 monthly.
In New York City, a one-bedroom costs $3,000 monthly.
The average national rent for a one-bedroom is $1,500. If you curb your enthusiasm relative to preferred locations and research on apartment rental sites such as Zumper, you’ll find many cities where rent is less than $600-a-month.
