Gen Z want to live in expensive cities—instead of moving to the outskirts, their parents are paying their rent

Student with tablet (Credit: kate_sept2004—Getty Images)

Young people often dream of a bustling social life and a career in the city. The only problem? Gen Z can’t actually afford it.

Despite Gen Z being criticized for wasting money they don’t have on designer bags, caviar bumps and luxury getaways, a new Bank of America study has highlighted the biggest financial challenge facing those born between 1997 and 2012 is actually the sky-high cost of living.