It’s painful enough to watch your bank account drain each month when rent is due. But what’s even more alarming is taking a look at the cumulative amount you’ve spent on rent over the years.
Indeed, the typical American renter can expect to pay more than $333,000 during their time as a renter, including bills or additional expenses, according to a recent study by personal finance technology company Self Financial. The analysis used Zillow data to calculate median monthly rent and utilities by state, RentCafe data for average utility costs, and Insure.com for renters’ insurance estimates, and assumes people start renting at age 22 and buy their first home at 35, based on National Association of Realtors estimates.
