How Much House Can Millennials Afford?
December 22, 2015
For millennials looking to own, they may want to head to the Midwest or South. They tend to fare better in the heartland than the coasts for housing, according to a new study.
SmartAsset determined the average home price that would be affordable to millennials in the 23 largest cities in the country by gathering data on the median income and median net worth for Americans under the age of 35.
In cities like Houston, San Antonio, and Indianapolis, the typical young buyer may be able to purchase a 1,000 square foot or larger home. In Detroit and Memphis, Tenn., they may be able to buy a home that is 2,500 feet or larger. On the other hand, in New York, Los Angeles, San Francisco, and Washington, D.C., the typical millennial may only be able to afford a home that is less than 300 square feet.
Take a look at this chart below from SmartAsset to see how much house millennials can afford in some of the largest cities in the country.
Source: “How Much House Can Millennials Afford?” SmartAsset (Dec. 16, 2015)
Updated: January 17, 2020