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Data: U.S. Census Bureau; Map: Erin Davis and Alice Feng/Axios

Fifty-one is the new 25, at least when it comes to living alone in the Philadelphia metro.

Why it matters: That's about the average age of a solo renter in the region, according to the latest census data. Many young Americans are splitting steep rents that eat into their income.

Meanwhile, more baby boomers have ditched homeownership for low-maintenance apartments.

The big picture: Squeezed Gen Zers are moving in together or leaving big cities.

Some are getting creative: Manhattan transplant Piper Phillips shared a one-bedroom apartment with her boyfriend and a friend.

More are returning to their childhood bedrooms. The number of Americans ages 25-34 living at home has jumped over 87% in the past two decades, per census data.

Reality check: It's not just the East and West coasts that are out of reach. Solo living is unaffordable in many of the country's biggest cities, including Charlotte, North Carolina, and Charleston, South Carolina, according to the Economist's Carrie Bradshaw index.

In the Philly metro, 21% of renters lived alone in 2022, compared with 17.6% nationally, census data shows.

Between the lines: Senior living is expanding as America ages.

Yes, but: Boomers are still snapping up homes. The typical repeat homebuyer this year was 58, according to new data from the National Association of Realtors.

The intrigue: Apartment developers are courting younger empty nesters, dangling prime locations, easy living and resort amenities.

More senior communities look like modern luxury apartments, with some sporting pet wash stations, private liquor lockers and yoga studios.

Renting alone is too expensive for Gen Z in Philly

Fifty-one is the new 25, at least when it comes to living alone.

Share of renters who live alone by metro area, 2022

Fifty-one is the new 25, at least when it comes to living alone in the Philadelphia metro.Why it matters: That&#x27;s about the average age of a solo renter in the region, according to the latest census data. Many young Americans are splitting<a class="gtmContentClick" data-vars-link-text=" steep rents" data-vars-click-url="https://www.axios.com/2023/10/13/inflation-rent-prices-cost-of-living" data-vars-content-id="29e5ad7b-f3e8-4d9c-ad45-a6b607d11ef1" data-vars-headline="Renting alone is too expensive for Gen Z in Philly" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/10/13/inflation-rent-prices-cost-of-living" target="_self"> steep rents</a> that <a class="gtmContentClick" data-vars-link-text="eat into their income" data-vars-click-url="https://www.axios.com/2023/10/21/gen-z-rent-income-housing" data-vars-content-id="29e5ad7b-f3e8-4d9c-ad45-a6b607d11ef1" data-vars-headline="Renting alone is too expensive for Gen Z in Philly" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/10/21/gen-z-rent-income-housing" target="_self">eat into their income</a>.

Real Estate

Data: Moody's Analytics; Table: Kavya Beheraj/Axios

In the fourth quarter of 2022, the average asking rent in Philadelphia was $1,768, up 10.2% from a year earlier, according to Moody's Analytics.

Why it matters: Affordability concerns are starting to weigh down the booming rental market.

What's happening: Many would-be home buyers chose to rent longer last year, sustaining apartment demand, economists at Moody's say. But folks are hitting their spending limit.

For the first time in more than two decades, households now have to spend 30% of their income on average rents, says a new report.

Year-over-year rent growth slowed in the second half of the year across the board, "and we expect further deceleration as new supply makes it to market at the same time the labor market softens," senior economist Lu Chen tells Axios.

Zoom out: Rents are already falling in cities that were near the epicenter of the pandemic home-price boom, Axios' Matt Phillips reports, citing Realtor.com data.

What we're watching: New apartment construction. The expected surge in supply could help bring down prices.

Yes, but: Experts say most cities will "remain undersupplied with the kind of affordable units that see the highest demand," per The Wall Street Journal.

Philadelphia rents are still high, for now

Affordability concerns are starting to weigh down the booming rental market.

In the fourth quarter of 2022, the average asking rent in Philadelphia was $1,768, up 10.2% from a year earlier, according to Moody&#x27;s Analytics.Why it matters: Affordability concerns are starting to weigh down the booming rental market.

The majority of Philadelphia's Gen-Zers are coughing up at least 30% of their income for rent, according to the latest U.S. census data.

Why it matters: Steep prices and mortgage rates pose seemingly insurmountable hurdles to homeownership — and in many places 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.

Driving the news: 60% of Philly's Gen Z renters are paying at least 30% of their earnings on rent, compared to 56% of homeowners, per Census data.

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.

Across the 100 biggest U.S. metros, over one-third of 15- to 24-year-olds who rent spend 30% or more of their income on housing, Axios' Simran Parwani reports.

Zoom in: Saving for a down payment is the biggest obstacle to homeownership, Gen Z-ers 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.

Between the lines: Philly has an affordable housing crisis, which some predict will worsen over the next decade as average asking rents continue to rise.

Threat level: The deepening crisis has contributed to the displacement of low-income residents from North, West and South Philly as those areas gentrify, Nora Lichtash, a spokesperson for The Philadelphia Coalition for Affordable Communities, tells Axios.

"People are really struggling to pay the rest of their bills because their housing costs are so high," she says. "There just isn't enough left over."

Data: Census Bureau; Note: Based on household income. Householder is the person/people in whose name the housing unit is owned or rented. Renter housing costs includes monthly contract rent and utilities paid by the renter while owner costs includes monthly mortgage payments and other debts, utilities, real estate taxes, insurance, etc.; Chart: Simran Parwani/Axios

Zoom out: One in three Gen Z-ers (34%) nationwide surveyed by Freddie Mac say owning a home feels impossible in their lifetime, up from 27% in 2019.

The shares are higher for Black (35%) and Hispanic (50%) respondents.

Meanwhile, America's housing shortage has hiked the cost of both buying and renting.

Yes, but: The vast majority of young renters in the U.S. 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 has started again, adding to affordability pressures.

Gen-Z is spending 30% of income or more on rent in Philly

The majority of Philadelphia&#x27;s Gen-Zers are coughing up at least 30% of their income for rent, according to the latest U.S. census data.Why it matters: <a class="gtmContentClick" data-vars-link-text="Steep prices" data-vars-click-url="https://www.axios.com/2023/09/18/housing-market-2023-mortgage-fall-predictions" data-vars-content-id="696f7a78-1801-4190-af8d-d473b3e729a2" data-vars-headline="Gen-Z is spending 30% of income or more on rent in Philly" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/09/18/housing-market-2023-mortgage-fall-predictions" target="_self">Steep prices</a> and <a class="gtmContentClick" data-vars-link-text="mortgage rates" data-vars-click-url="https://www.axios.com/2023/08/22/mortgage-rates-current" data-vars-content-id="696f7a78-1801-4190-af8d-d473b3e729a2" data-vars-headline="Gen-Z is spending 30% of income or more on rent in Philly" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/08/22/mortgage-rates-current" target="_self">mortgage rates</a> pose seemingly insurmountable hurdles to homeownership — and in many places renting isn&#x27;t necessarily an <a class="gtmContentClick" data-vars-link-text="affordable alternative" data-vars-click-url="https://www.axios.com/2023/06/16/rent-growth-crisis" data-vars-content-id="696f7a78-1801-4190-af8d-d473b3e729a2" data-vars-headline="Gen-Z is spending 30% of income or more on rent in Philly" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/06/16/rent-growth-crisis" target="_self">affordable alternative</a>.

Roughly 2.5% of homes are worth at least $1 million in the Philadelphia metro area, up slightly from a year ago, per a new report from Redfin.

Why it matters: Low inventory is pushing up prices nationwide and sending more into seven-figure territory.

The big picture: Nearly one in 10 U.S. homes were valued at $1 million or more in June, a share close to last summer's all-time high and up from a 12-month low in February, the real estate brokerage found.

Pennsylvania's slice of million-dollar houses has risen 1.1 percentage points since pre-pandemic June 2019, data shared with Axios shows.

What they're saying: "In most of the country, expensive properties that are in good condition and priced fairly are attracting buyers and in some cases bidding wars, mostly because for-sale signs are few and far between right now," Redfin economics research lead Chen Zhao says in the report.

Between the lines: Rising prices are a boon for millions of homeowners who have seen big gains in equity in recent years, Axios' Emily Peck reports.

Yes, but: With mortgage rates at a 20-year high, many Americans feel priced out of the housing market.

Philadelphia's share of million-dollar homes rises

Low inventory is pushing up prices nationwide and sending more into seven-figure territory.

Hub Data - All

Roughly 2.5% of homes are worth at least $1 million in the Philadelphia metro area, up slightly from a year ago, per a new report from Redfin.Why it matters: Low inventory is <a class="gtmContentClick" data-vars-link-text="pushing up prices" data-vars-click-url="https://www.axios.com/2023/08/17/housing-prices-affordability-rise-fall-2023-goldman-sachs" data-vars-content-id="94838626-e484-4bd8-aca5-7066f72d53bf" data-vars-headline="Philadelphia&#x27;s share of million-dollar homes rises" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/08/17/housing-prices-affordability-rise-fall-2023-goldman-sachs" target="_self">pushing up prices</a> nationwide and sending more into seven-figure territory.

Data: U.S. Census and IPX ; Chart: Tory Lysik and Simran Parwani/Axios Visuals

Buying a vacation home is out. Trading homes is in.

Driving the news: Home-swap networks are growing at a time when owning a vacation property has become less attractive, Axios' Sami Sparber reports.

In April, San Francisco-based Kindred announced it had raised $15 million to expand its members-only business into Europe.

The platform, which includes listings in Philly, has more than 2,500 homes in over 50 cities across North America and will debut later this year in major overseas locations, including London.

The big picture: Across the country, demand for second homes is down more than half from pre-pandemic levels, fueled by high costs, a cooling short-term rental market and a pullback in remote work, per a new Redfin report.

Zoom in: The Poconos region has the highest share of vacation homes in the Keystone State, per Census data analyzed by Axios' Tory Lysik and Simran Parwani.

Eagle Lake has the highest number at 88%, followed by the Hideout (78%) and Masthope (77%).

Vacation homes make up 3% of homes in Pennsylvania compared to the national average of 4%.

Of note: The Census Bureau defines vacation homes as those that are used for "seasonal, recreational or occasional use."

How it works: Kindred has a "give-to-get" model: You earn credits toward booking a place by hosting a member in your own home.

The intrigue: There are no nightly rental fees. For each trip, members cover the cost of cleaning and a service fee capped at $25 per night.

Membership is pay-as-you-go, and there's a waitlist to join, as homes are accepted based on supply and demand across locations.

The bottom line: Sharing is caring — and one way to offset pricier vacations during what's expected to be a record-setting travel season.

How to home swap and score cheaper summer vacation rentals

A new homestay platform with cheaper fees than Airbnb has over 2,500 listings across North America.

Bar chart showing the top 3 cities in Pennsylvania with the largest share of homes used for "seasonal, recreational or occasional use" in 2021 were Eagle Lake, the Hideout and Masthope. The national average was 4%.

Buying a vacation home is out. Trading homes is in.Driving the news:<a class="gtmContentClick" data-vars-link-text=" Home-swap networks" data-vars-click-url="https://www.axios.com/2023/05/02/home-swaps-cheaper-summer-vacation-stays" data-vars-content-id="d247063c-0359-42c4-a6cf-b08740cc00af" data-vars-headline="How to home swap and score cheaper summer vacation rentals" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/05/02/home-swaps-cheaper-summer-vacation-stays" target="_self"> Home-swap networks</a> are growing at a time when owning a vacation property has become less attractive, Axios&#x27; Sami Sparber reports.<ul><li>In April, San Francisco-based<a class="gtmContentClick" data-vars-link-text=" Kindred" data-vars-click-url="https://livekindred.com/" data-vars-content-id="d247063c-0359-42c4-a6cf-b08740cc00af" data-vars-headline="How to home swap and score cheaper summer vacation rentals" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://livekindred.com/" target="_blank"> Kindred</a> announced it had raised $15 million to expand its members-only business into Europe.</li><li>The platform, which includes listings in Philly, has more than 2,500 homes in over 50 cities across North America and will debut later this year in major overseas locations, including London.</li></ul>

Sami Sparber

Featured stories

Renting alone is too expensive for Gen Z in Philly

Gen-Z is spending 30% of income or more on rent in Philly

Philadelphia's share of million-dollar homes rises

How to home swap and score cheaper summer vacation rentals

Philadelphia rents are still high, for now