New York’s Gen Z Plagued With Housing and Financial Worries

Gen Z refers to people who were born between the mid-to-late 1990s and the early 2010s. They are also known as the "post-millennial," "iGen," or "zoomer" generation.

Gen Z is the most racially diverse and technologically savvy generation in history, having grown up in a world of social media and mobile technology. They are currently the youngest generation to enter the workforce and they are absolutely concerned about their futures.

A recent survey has unveiled some of the concerns and challenges faced by Gen Z in New York when it comes to housing and financial stability.

According to the survey, nearly half of Gen Z individuals in New York worry about not being able to afford their rent on time. Housing affordability has become a pressing issue for this generation, with 47% expressing uncertainty about ever having enough money to buy their own home.

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The financial worries of Gen Z extend beyond just housing. The survey revealed that 41% frequently worry about how they will be able to afford their next grocery trip. This suggests that the high cost of living in New York is taking a toll on young adults who are struggling to make ends meet.

Oh, but there's more. The survey found that 6 in 10 Gen Zers who have student debt are worried about resuming their student loan payments and, in their pursuit of financial stability, over a third of Gen Z respondents in New York have sought help from social assistance programs.

Job security is also a significant concern among Gen Z in New York, with 1 in 4 individuals frequently expressing worry about losing their job. These anxieties are likely exacerbated by the economic uncertainties brought about by the COVID-19 pandemic.

Every generation has faced its own set of concerns when stepping out into the world as adults, but for Gen Z, it is especially difficult as they face challenges in housing affordability, student loan debt, job security, and whether or not they'll have access to social assistance programs.