While many Millennials have to worry about paying off their student loans, their mortgage down payment, and even childcare, these don't compare to their worries about whether or not they can afford to live in Washington, D.C. According to the latest September 2015 report from the National Housing Conference and Center for Housing Policy, only one of the "top five" occupations for area millennials (food service manager) makes enough money to not have to spend more than 30 percent of their income on rent. The report used data from the U.S. Department of Housing and Urban Development and noted that the median income for employed Millennials is $22,000 with more than one-third earning less than $15,000. The data in the report concluded that the income needed to affordably rent a one-bedroom apartment is $49,200, while the income needed for a two-bedroom apartment is $58,320. With this, Washington City Paper reported that those in the customer service representative, cashier, cardiac technician, and administrative fields don't make enough to live in the District without feeling burdened. It's worth noting that last May, Trulia and the National Low Income Housing Coalition reported that the income needed to afford the median rent—which at the time was $1,975/month—was $77,461.
· Reports: D.C. Area Housing Too Expensive For Millennials, Retail Workers Getting Squeezed [Washington City Paper]
· Paycheck to Paycheck: A Snapshot of Housing Affordability for Millennial Workers [National Housing Conference and Center for Housing Policy]
· For Millennials, Is Living in Washington, D.C. Worth It? [Curbed DC]