Gen Z Houstonians are spending more on rent

• And the stats don't look much better for senior citizens who don't own a home.

Why it matters: Steep prices and mortgage rates pose seemingly insurmountable hurdles to homeownership — and renting isn't necessarily an affordable alternative.

• Spending 30% of your income on rent is "the new normal," according to economists at Moody's Analytics.

Go deeper: 34% of Gen Zers surveyed by Freddie Mac say owning a home feels impossible in their lifetime, up from 27% in 2019.

• Saving for a down payment is the biggest obstacle, they say: It's one reason the typical first-time homebuyer last year was a record-high 36 years old, per the National Association of Realtors.

The big picture: Across the U.S., pinched young people are fanning out from big cities, returning to their childhood bedrooms or moving in with partners.

• In all of the 100 biggest U.S. metros, more than one-third of 15- to 24-year-old householders who rent spend 30% or more of their income on housing, Axios' Simran Parwani reports.

Zoom out: America's housing shortage has helped hike the cost of both buying and renting.

Yes, but: The vast majority of young renters are renting for lifestyle reasons, preferring the flexibility to move, RealPage chief economist Jay Parsons tells Axios.

• Many Gen Z renters have lower incomes but also lower bills beyond rent, which allows them to live in pricier locations, according to Parsons.

Reality check: Older Americans on fixed incomes are especially burdened by high housing costs, contributing to rising homelessness among Baby Boomers, the Wall Street Journal reports.

Go deeper: Student loan interest restarting is adding to affordability pressures.