U.S. Air Force file photo

By the time they turn 30, Gen Zers in Fresno will have shouldered more than $131,600 in rent payments — 15% more than what Millennials paid at the same age. 

RentCafe released a study delving into historical housing costs and spending patterns in nearly 200 metro areas in the U.S. using Census survey data. They looked at Gen Z and Millennials and what they spend on renting and owning a home by the time they reach 30. 

In California, the disparity in housing costs between Gen Zers and Millennials is stark. By age 30, Gen Zers will have encountered much higher rental expenses, potentially reaching up to $300,000. 

In Fresno, the cost of homeownership for the youngest generation in the housing market surpasses rental costs, climbing to $190,418 by age 30. This figure includes the mortgage, taxes and fees, but not the down payment.

That’s $58,818 more to own a home. 

In Visalia, Gen Zers born from 1997 onward are looking to pay $116,083 in rent by the time they reach 30. The difference between owning and buying a house in this city is $70,819. 

Despite the rising prices, including rent, there is a silver lining for Gen Z — the gap between renting and owning is smaller than it was for Millennials, thanks to higher incomes. 

Fresno’s youngest generation of renters is predicted to earn an average of $432,861 by age 30, which is $16,000 more than what their predecessors made by this age. 

Both age groups spend the same share of their income on rent between 22 and 29 years old – 26.5% for each generation, below the 30% threshold. This share translates differently to each young adult, depending on their income level. 

Gen Z spends 30.2% of their income on homeownership costs over eight years. In comparison, Millennials pay a hefty 36.1%, which means that renting is the more affordable option for both generations, lifestyle preferences aside.

The metro areas where Gen Z faces the highest costs for both renting and owning nationwide are in California. The most expensive is San Jose, where renting can cost Gen Zers nearly $300,000 before turning 30 years old. Similarly, the cost of owning a home there can reach $466,000 for Zoomers within the same time span.