How Millennials Spend Their Money

Here’s a quick look at spending preferences among Millennials compare to all other consumers. The very first category, rented dwellings, is a stand out. First, it speaks to the steep hikes in rent that most cities have seen in the last two years. For instance, in 2014 the average monthly rents were $3,185 in New York, $2,173 in San Francisco, $1,870 in Boston and $1,484 in Los Angeles. Secondly, we’re witnessing the maturing of GenY as they flee the nest and secure their own housing. Expect more spending for food and home goods from Millennials. Finally, it opens up the marketplace for hybrid financing solutions for Millennials as they work their way into home ownership. Look for more innovation around traditional mortgages putting home ownership within reach of Millennials.