Housing seems to be slightly more affordable for Gen Z renters than it was for millennials at the same age.

The percentage of rent-burdened millennials — renters putting more than a third of their income toward housing — peaked at 62% in 2011, according to a recent Zillow study.

And although rents remain high, slightly fewer Gen Zers (those ages 18 through 25) are rent burdened today. As of 2022, the latest data available, 58% of Gen Z renters nationwide were rent-burdened, while 60% of millennials experienced rent burden at the same age in 2012, according to Zillow.

This trend doesn't just apply to small and mid-sized cities. According to Zillow's analysis, there are a number of major U.S. cities where it's easier for Gen Z to afford rent than it was for millennials at the same age. Here are the top five.

1. Austin, Texas

• Gen Z median gross annual income in Austin (2022): $45,000
• Gen Z median monthly gross rent in Austin (2022): $1,415
• Percentage of rent-burdened millennials in Austin (2012): 69% 
• Percentage of rent-burdened Gen Zers in Austin (2022): 60% 

2. Phoenix

• Gen Z median gross annual income in Phoenix (2022): $59,190 
• Gen Z median monthly gross rent in Phoenix (2022): $1,623
• Percentage of rent-burdened millennials in Phoenix (2012): 64% 
• Percentage of rent-burdened Gen Zers in Phoenix (2022): 55% 

3. St. Louis

• Gen Z median gross annual income in St. Louis (2022): $38,431  
• Gen Z median monthly gross rent in St. Louis (2022): $1,020
• Percentage of rent-burdened millennials in St. Louis (2012): 58% 
• Percentage of rent-burdened Gen Zers in St. Louis (2022): 50% 

4. Orlando, Florida

• Gen Z median gross annual income in Orlando (2022): $46,848
• Gen Z median monthly gross rent in Orlando (2022): $1,666
• Percentage of rent-burdened millennials in Orlando (2012): 75% 
• Percentage of rent-burdened Gen Zers in Orlando (2022): 69% 

5. Pittsburgh

• Gen Z median gross annual income in Pittsburgh (2022): $40,000
• Gen Z median monthly gross rent in Pittsburgh (2022): $1,080
• Percentage of rent-burdened millennials in Pittsburgh (2012): 55% 
• Percentage of rent-burdened Gen Zers in Pittsburgh (2022): 50% 

Cities like Austin and Phoenix have become attractive destinations for renters looking to maximize take home-pay by reducing their rent. Prices are relatively low in these cities because new construction has helped housing supply keep up with demand.

"Austin saw one of the strongest increases in multifamily apartment constructions over the last few years," says Zillow economist Kenny Lee.

One way to scope out cheap housing in a city you're considering is to see where in town new construction is happening, says Lee. Widespread building can indicate that more affordable housing options may soon appear in that city's rental market. 

When it comes to budgeting for housing, Lee recommends Gen Z renters keep housing costs under 30% of their gross income. And to avoid any surprises, ask questions of leasing agents and real estate agents to make sure you are clear about the upfront and recurring costs you are responsible for, Lee says.

"These costs can include application fees and security deposits as well as pet fees and parking fees," says Lee. It is important to understand these costs completely, he says, as different cities and neighborhoods may have different price points.

Want to earn more money at work? Take CNBC's new online course How to Negotiate a Higher Salary. Expert instructors will teach you the skills you need to get a bigger paycheck, including how to prepare and build your confidence, what to do and say, and how to craft a counteroffer. Start today and use coupon code EARLYBIRD for an introductory discount of 50% off through November 26, 2024.

Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life.