The Market

Millennials: Forget about owning in NYC (or San Diego or San Francisco)

By BrickUnderground | June 9, 2015 - 1:29PM

And the hits just keep on coming: It's getting harder and harder for millennial New Yorkers to buy a place in the city, and moving someplace else that's high on their list—say, San Jose, San Francisco or Los Angeles—won't make it that much easier, either. That's according to numbers crunched by Bloomberg Business using census data, plus stats from Bankrate and Zillow. Thirteen cities particularly stand out, with San Jose sitting atop with millennials there $80,162 off the minimum salary required to buy a place there, based on median prices. 

New York, interestingly, placed sixth, but read the fine print: The NY charted in the list means the entire NY metropolitan area, which includes parts of New Jersey, Pennsylvania, Westchester County and further upstate. Look only at the five boroughs, however, and we'd rank third, with millennials needing to make $52,262 more to be able to qualify to buy an apartment priced at the median. (Check out the Bloomberg article to see the entire list.)

San Francisco is squarely at second place, with buyers there $60,975 short. (SF continues to whip us in that east coast-west coast unaffordability rivalry, apparently.)

Feel better now? Us neither. 


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