Nearly 60% of young adults are 'rent burdened,' according to a new Zillow report.
That’s a small improvement for Gen Z renters compared to their millennial counterparts who were the same age a decade earlier.
The housing shortage grew to 4.5 million homes in 2022, up from 4.3 million the year before, according to Zillow. , a housing market expert with Bankrate, said developers have been building apartments as they’ve seen opportunities in the rental market. Ostrowski said there’s been enough construction in some places to create a temporary glut, though he expects rental rates to continue to rise even in those places as demand catches back up with the increased supply.Zillow offers 7 'renter-friendly' home improvements amid high costs of homeownershipA lot of buyers remain on the sidelines, priced out of the market. Meanwhile, some sellers don’t want to list their homes and give up their low mortgage rates.
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