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Hey, Millennials! Here's Good News About Your Rent for Once

Finally, some good news is in order for Millennials when it comes to their rent. According to a new report from Zillow, affordable housing in the D.C. area is on the rise. While the District has the fourth highest rents in the nation, the actual share of inventory of affordable homes in the D.C. area is higher than many other metropolitan cities (e.g., Honolulu, Charleston). According to the report, 68 percent of homes in the D.C. area are affordable to the average millennial, only a tad under the national number at 70 percent. This may come to the surprise of many in the region due to a recent report from the D.C. Fiscal Policy Institute that confirmed that the number of affordable apartments with rent and utilities costing $800 or less in the District fell from 60,000 in 2002 to 33,000 in 2013. Even worse, 25 percent of D.C. renters spend more than half their income on rent. For Zillow, they focused on the number of homes that don't exceed the 30 percent threshold of a typical salary for workers their age.

· Meet Me in St. Louis: Where Millennials Can Actually Find an Affordable Home [Zillow]
· Washington, D.C. Has the Fourth Highest Rents in the Nation [Curbed DC]