New York City ranks 12th in number of parents helping millennials pay rent in annual study

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The number of millennials that are still receiving support from the parents throughout the city is lower than you may think, according to a recent study.

Zumper, a company that seeks to redesign the rental market for the 21st century, recently released their Annual Renter Report. In the report, Zumper looked into the number of millennials in major cities that were receiving support from their parents for their rent.

According to the study, the highest ranking city is Detroit, Michigan, with 24 percent of millennials living in the area receiving help from their parents to pay rent. New York City shares a spot with Washington, D.C., both cities ranked 12th overall with 8 percent of millennial renters receiving help from their parents.

The study went on to measure how many people thought that they were getting a “good deal” for their rent based on where they live. In New York City, 64 percent of renters believed they were getting a good deal on their rent while 36 percent disagreed.

New York City also had more realistic expectations when it comes to how much of their income should be put toward rent compared to what they actually spend. Responders to the survey believed that 22 percent of their income should go toward rent; however, 30 percent of their income, on average, is being allocated toward rent.

To read the full study, visit zumper.com.