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ReadOver half of millennial renters are willing to spend as much as $150 more each month to stay in an apartment they love, according to a recent survey by Rent.com.
Although 57% of respondents ranked affordability as the most important factor in choosing an apartment, 55% said they would pay a $150 monthly rent increase once they settled, while 24% would be willing to pay $400 more per month to keep their desired unit.
Despite being willing to pay more, millennial renters may not have the means. The survey reported 22% of millennials are spending up to 40% of their annual income on rent, while 12% spend up to 50% of their yearly salary on their apartment. More than 39% reported accepting financial help to afford their cost of living, with 24% relying on their parents for additional support, 9% receiving government aid, and 6% depending on others.
Despite the recent media discussion of graduates moving back home, of the 44% who reported planning to move again this year, only 3% said they planned to live with their parents.
Other survey findings include:
Read more at HousingWire.com