--- title: "CardRates: Many Young Americans Spending Significantly on Housing" description: Young Americans, especially millennials and women, are spending a significant portion of their income on housing, often exceeding the recommended 30% threshold. --- [![FinLocker](https://info.finlocker.com/hs-fs/hubfs/FinLocker_September2019%20Theme/Images/FinLocker_September2019%20Theme.png?width=306&height=37&name=FinLocker_September2019%20Theme.png "FinLocker")](https://www.finlocker.com/) - About - [About Us](https://www.finlocker.com/about-us/) - [Team](https://www.finlocker.com/about-us/team/) - [Our Partners](https://www.finlocker.com/about-us/our-partners/) - [Careers](https://www.finlocker.com/about-us/careers/) - [What We Do](https://www.finlocker.com/what-we-do/) - For Consumers - [Overview](https://www.finlocker.com/for-consumers/) - [Is FinLocker Right For Me?](https://www.finlocker.com/for-consumers/is-finlocker-right-for-me/) - [How it Works](https://www.finlocker.com/for-consumers/how-it-works/) - [A Product You Can Trust](https://www.finlocker.com/for-consumers/a-product-you-can-trust/) - [FAQs](https://www.finlocker.com/for-consumers/faqs/) - For Businesses - [Overview](https://www.finlocker.com/for-businesses/) - [How it Works](https://www.finlocker.com/for-businesses/how-it-works/) - [Stay Ahead and Connected](https://www.finlocker.com/for-businesses/stay-ahead-and-connected/) - [Delmar/Fannie Mae Case Study](https://www.finlocker.com/wp-content/uploads/2018/11/day-1-certainty-delmar-testimonial.pdf) - [FAQs](https://www.finlocker.com/for-businesses/faqs/) - [News](https://www.finlocker.com/news/) - [Contact](https://www.finlocker.com/contact/) ![](https://info.finlocker.com/hubfs/Brian%20(2).svg) # - # CardRates: Many Young Americans Spending Significantly on Housing Posted by [Finlocker](https://info.finlocker.com/blog/author/finlocker) on Nov 8, 2024 3:57:40 PM [Originally published by MBA](https://newslink.mba.org/mba-newslinks/2024/november/mba-newslink-thursday-nov-7-2024/cardrates-many-young-americans-spending-significantly-on-housing/?utm_campaign=MBA%20NewsLink%20Thursday%20Nov.%207%202024&utm_medium=email&utm_source=Eloqua) CardRates, Gainesville, Fla., released a [**surve**](https://www.cardrates.com/studies/the-housing-30-percent-rule/)[**y**](https://www.cardrates.com/studies/the-housing-30-percent-rule/) of millennial and Gen Z Americans, finding 76.32% of respondents are spending more than 31% of their monthly income on housing. Traditionally, it’s been recommended that people shouldn’t spend more than 30% of monthly wages on housing expenses. Housing expenses include rent or mortgage payments, property taxes, home insurance, utilities and occasionally other costs such as co-op fees. Of the respondents, 52.97% report spending more than half their monthly income on housing costs. Moreover, 12.33% said they spend between 51-60% of their income on those costs. The costs appear to be hitting millennials a little harder–81.72% said they spend more than 31% of their income on housing expenses, compared with 70.37% of Gen Z. Additionally, 59.66% of millennials say they spend more than 50% of their income, compared with 45.6% of Gen Z respondents. By gender, 78.95% of women spend more than 31% of their income on housing expenses, compared with 71.47% of men. Women continued to spend more as those numbers increased–with 13.75% saying they spent between 71-80% of their monthly income on housing. Nearly 10% of women claimed to spend almost all their income on housing costs, compared with 3% of men. On the flip side, very low housing expenses are rare–only 0.44% of the respondents said they spend less than 10% of their monthly salary on housing expenses. Topics: [Insider](https://info.finlocker.com/blog/tag/insider) ### Recent Posts ### Posts by Tag - [Insider (6)](https://info.finlocker.com/blog/tag/insider) - [Support](https://finlocker.freshdesk.com/) - [Privacy Policy](https://www.finlocker.com/privacy-policy/) - [Security](https://www.finlocker.com/security/) - [Terms of Service](https://www.finlocker.com/terms-of-service/) ![mba_member_logo_hires](https://info.finlocker.com/hubfs/FinLocker_September2019%20Theme/Images/mba%20Img.png) ![SOC-Service-Org](https://info.finlocker.com/hubfs/FinLocker_September2019%20Theme/Images/SOC-Service-Org%20Img%202.jpg) [![Day1Certainly](https://info.finlocker.com/hubfs/FinLocker_September2019%20Theme/Images/Img%201.png)](https://www.fanniemae.com/content/list/du-validation-vendor-list) © 2019 FinLocker, LLC. All rights reserved