Baltimore may be a great city for millennials… as long as their parents are paying their rent.
That’s because Baltimore City has one of the worst rent-to-wages ratios for millennials, according to a recent RealtyTrac report. Young people who earn average wages and pay average rents in the city end up spending more than 35 percent of their income on rent–even though many experts caution that housing shouldn’t account for more than 25-30 percent of your income. Nationwide, rents are rising at a higher pace than wages.
However, things aren’t as bad as they could be. In some housing markets, such as Brooklyn, Honolulu, and San Francisco, millennials are having to pay upward of 60 percent of average wages to afford an average apartment. As a wise man running for elected office once said, “The rent is too damn high.”
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