L.A. Is Nearly the Worst Place in America for Millennial Home Buyers
We'll admit it: America's millennials were dealt a shite hand. They have to face student-loan debt, the second-worst economy in history, and the prospect of living with their parents forever.
But millennials in Los Angeles have it even worse.
If you young folks are even lucky enough to be house-hunting, this is not the place for you. According to new data released by real estate website Zillow, L.A. is the second-worst American city "Where Millennials Can Actually Afford to Buy a Home."
The site says that in, Los Angeles, "Just 26 percent of homes are affordable for millennials, the smallest of any California metro and just shy of the lowest share in the nation."
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Yeah, we almost won this contest.
Only Honolulu, where 25 percent of homes are said to be affordable for you young'uns, beat our mighty and expensive metropolis. San Diego gave it a good try. There, 27 percent of homes are not affordable for you.
Southern California and California in general are difficult places to drop anchor.
Here's Zillow's explanation for how it crunched its numbers:
The typical rule of thumb says that housing costs should not exceed 30 percent of household income. Knowing this, we analyzed the share of homes nationwide and in 96 large metros that would be affordable to millennials making a typical salary for workers their age without exceeding that 30 percent threshold. Nationwide, about 70 percent homes for sale on Zillow as of the end of 2014 were affordable for millennials.
Akron, Ohio, was the most affordable place for millennial home buyers in America. Zillow says a whopping 90 percent of the real estate inventory there is accessible to the younger set.
However: Have you ever been to Akron?
We have. In a blizzard. Snow was whipping by horizontally. In this case, you do get what you pay for.
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