New Yorkers face increasingly high student debt loads, with student loan debt per borrower rising from $22,000 in 2006 to $32,200 in 2015.
As New Yorkers struggle to pay off rising student debt, rents in New York City have continued to soar, with the typical young worker in NYC spending more than 40 percent of her income in rent.
The crushing combination of student debt and sky-high rent will not be solved overnight. However, home sharing can provide an additional source of income for New Yorkers facing student debt challenges– both new graduates and parents and grandparents pitching in to make loan payments for their children and grandchildren’s educations.
This report details data on Millennial hosts (35 years of age or younger) in New York City. The typical annual earnings for a Millennial Airbnb host in NYC is $6,008 which represents nearly 20 percent of the average student debt burden of New York graduates.
Other key findings include:
- There are over 21,000 Millennial hosts in New York City.
- Millennial hosts in NYC earned nearly $158 million during the year ending July 1, 2016.
- Millennial hosts represent the majority of hosts in every borough except Staten Island, with nearly two-thirds of Manhattan hosts being 35 years of age or younger.
- Millennials are more likely to list a private or shared space (51 percent) than all NYC hosts (46 percent).
- Millennial hosts represented 63 percent of all booked hosts and earned 52 percent of all NYC host earnings during the year ending July 1, 2016.
- The typical Millennial listing was booked 37 nights during the past year, compared to 45 nights for listings by all hosts in New York City.
Check out the full report, which includes stories from Millennial hosts, here.