Did you know that millennials pay 11.5% more on average for housing? This finding was uncovered in a recent GOBankingRates study on how much the average apartment costs nationwide.
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Data analyzed by GOBankingRates for the study was pulled from the U.S. Census American Community Survey, Sperling’s BestPlaces, ApartmentList and the Zillow Home Value Index. We added this percentage to the average rent of one- and two-bedrooms in seven Arizona cities to determine how much money millennials may expect to pay.
Let’s see how much more millennials pay in rent living in these seven Arizona cities.
Phoenix
- Average rent for one-bedroom: $1,300
- Average rent for two-bedroom: $1,550
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Tucson
- Average rent for one-bedroom: $1,012
- Average rent for two-bedroom: $1,299
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Mesa
- Average rent for one-bedroom: $1,349
- Average rent for two-bedroom: $1,518
Chandler
- Average rent for one-bedroom: $1,567
- Average rent for two-bedroom: $1,766
Gilbert
- Average rent for one-bedroom: $1,646
- Average rent for two-bedroom: $1,797
Glendale
- Average rent for one-bedroom: $1,290
- Average rent for two-bedroom: $1,441
Scottsdale
- Average rent for one-bedroom: $1,667
- Average rent for two-bedroom: $1,960
Methodology: For this study, GOBankingRates analyzed the average rental cost of major U.S. cities and the cost of living in those cities. First, GOBankingRates found the 100 most populated cities, according to the U.S. Census American Community Survey. For each city, GOBankingRates found total population, total households, population ages 65 and over, household median income, all sourced from the American Community Survey; the cost-of-living indexes as sourced from Sperling’s BestPlaces; the average overall rental cost, one-bedroom rental cost and two-bedroom rental cost, all sourced from ApartmentList; the average cost of a condo or co-op, as sourced from Zillow Home Value Index, and the livability index, as sourced from AreaVibes. Using the average condo/co-op value, assuming a 10% down payment, and using the national average 30-year fixed mortgage rate, the average mortgage was calculated. Using the overall rental cost and expenditure costs, the total cost of living for each city was calculated. All data was collected on and is up to date as of Sept. 13, 2024.
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This article originally appeared on GOBankingRates.com: What Millennials Can Expect To Pay in Rent in These 7 Arizona Cities
