Rising rental costs today result in millennials spending 50-74% of their income on housing which leave little left to go into savings. Experts recommend putting 20% of income toward savings and 50% toward necessities, but with housing taking up at least 50% on its own, millennials are not able to save as much as they should be. While debt and high living costs are holding the generation back from saving, experts recommend splitting rent with roommates, shopping only for the essentials, or even moving to a cheaper city.
Real estate is still a popular investment pick. Here’s what you need to know about buying in a downturn | CNBC News
May 13, 2020