The struggle is real for millennials — and their parents.
In New York City, 13.6 percent of millennials surveyed reported receiving assistance with rent from their parents and 18.1 percent indicated they anticipate their folks will help finance a down payment on a home, according to an Apartment List survey taken by 814 metro area residents.
Nationwide, the share of millennials — those between the ages of 18 and 36 — leaning on their parents for help with rent was lower, at 10.8 percent, according to the survey released by the listings site earlier this week. But just a slightly smaller portion than New York City, 17.1 percent, expected their family to help them with a down payment, the survey showed.
Denver had the greatest share of millennials report turning to their parents for rent and down payment help, the survey showed. Boston had the least amount, 5.5 percent, relying on their folks for help with rent; and Atlanta had the smallest share, 8 percent, who plan to hit up their parents for assistance with a down payment, according to the survey.
Apartment List noted that since 2000, home prices have increased 73 percent and rent rates have grown 61 percent, but earnings for younger households have only gone up 31 percent. Currently, a quarter of renters spend more than half their income on rent, and 15 percent of 25-to-35-year-olds live with their parents to save money on rent.
“Millennials, the generation born between 1982 and 2004, are often characterized as lazy and entitled. Australian millionaire Tim Gurner infamously blamed the inability of millennials to purchase homes on their spending $19 on avocado toast. In reality, millennials face a real estate market where rent and home prices have grown faster than incomes for decades, leaving millennials struggling to achieve the American Dream,” the company wrote in an analysis of the survey.
