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<ul class="summary-list"><li>In a TikTok video, different generations revealed the rent prices for their first apartments.</li><li>Viewers were left shocked after one baby boomer said he paid $98 per month for his first apartment.</li></ul>While a growing economy allowed the <a href="https://www.businessinsider.com/typical-baby-boomer-net-worth-debt-real-estate-retirement-2021-12?r=US&amp;IR=T">typical baby boomer</a> to generate wealth, many millennials and Gen Zers have been weighed down by <a href="https://www.businessinsider.com/us-inflation-economy-cpi-august-data-2023-9">rising inflation</a> and <a href="https://markets.businessinsider.com/news/commodities/rent-prices-all-time-high-us-housing-market-mortgage-rates-2023-9">high rental costs</a>. Given that extortionate rental prices are all that most millennials and Gen Zers have ever known, many were left stunned when a TikToker who goes by @captainmooseknuckless posted a <a href="https://www.tiktok.com/@captainmooseknuckless/video/7292564634719079723">video</a> on October 22 asking people what generation they belonged to and how much rent they paid for their first apartments.The differences were striking. Two people identified as baby boomers, who are currently aged between late-50s and mid-70s. One said they paid $98 per month for their first one-bedroom apartment in Baltimore, Maryland, while another recalled paying $50 per month for a shared apartment with one other person in Green Bay, Wisconsin. By comparison, a Gen Zer said they paid $3,000 per month for their first one-bedroom in Hoboken, New Jersey, and another reported having paid $1,200 in Savannah, Georgia. Meanwhile, one Gen Xer said they paid $450 per month for their first studio apartment in Denver, Colorado, and a millennial said they paid $800 per month for their first apartment in Michigan. People were shocked by how cheap older generations remembered rent being compared to today's prices. "Imagine paying rent with a one hundred dollar bill and getting change back," one viewer wrote. Another viewer, who said they were currently trying to move, wrote that the video was "soul crushing."Several people argued that these prices do not account for inflation, but others pointed out that rent prices are still much higher today, even with inflation considered.When adjusted for inflation, <a href="https://www.businessinsider.com/millennials-cost-of-living-compared-to-gen-x-baby-boomers-2018-5">median gross rents increased by 46% from the 1960s to 2000</a>, from $71 to $602, Insider's Hillary Hoffower reported in 2018. At the time, this equated to $588 and $866 respectively.By September 2023, <a href="https://markets.businessinsider.com/news/commodities/housing-market-average-rent-charts-affordability-zillow-real-estate-property-2023-10">Americans were paying an average of $2,047 per month</a> in rent, according to data from Zillow.Still, the rate of young people buying property may make Gen Zers feel optimistic — according to data from real estate brokerage Redfin, <a href="https://www.businessinsider.com/gen-z-higher-homeownership-rates-than-millennials-at-age-25-2023-4">30% of 25-year-olds 0wned their homes in 2022</a>, a higher percentage than millennials and Gen Xers at the same age (28% and 27% respectively). <a href="https://www.businessinsider.com/boomers-buying-homes-blocking-millennials-housing-market-real-estate-prices-2023-4">Boomers are also doing well</a>, and were able to buy more homes than millennials between July 2021 and June 2022, according to data from the National Association of Realtors.On TikTok, generational differences and challenges are often a topic of conversation among creators and commenters. Most recently, <a href="https://www.insider.com/college-graduate-upset-shock-working-nine-to-five-tiktok-2023-10">Gen Zers have been speaking out against work culture</a>, arguing 9-to-5 schedules and in-office mandates are flawed. Many older viewers have agreed, rallying around younger workers calling for changes to the status quo.

Baby boomers shocked Gen Z and millennials by revealing what they paid for their first apartments

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Baby boomers shocked Gen Z and millennials by revealing what they paid for their first apartments

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