Millennials can only afford 135 square feet of housing in San Francisco
Strong job growth won't help these young borrowers
San Francisco is infamous for being overly competitive and obscenely expensive, and the reality of how expensive it is for Millennials just sunk in further, thanks to a new report.
According to an article in the San Francisco Business Times, “The typical San Francisco millennial can only afford to buy 135 square feet of housing, the lowest buying power in the country, according to personal finance company SmartAsset.”
From the article:
Despite the city's strong job growth and its reputation for well-paying tech jobs for young engineers, wages haven't kept up with soaring property values. This year, San Francisco's median home price exceeded $1 million.
As is, it’s tough for Millennials to get a mortgage. A recent article in Business Insider, explained that Millennials are not making as much as their parents were when they were young, and on top of that, they are dealing with an overload of student debt.
And on top of that, San Francisco is already a difficult city for most people to afford, recently coming in as the hottest market in the country.