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.
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.
Around the country, people born between 1980 and 2000 are buying homes at a lower rate. Nationwide, the third-quarter homeownership was 35.8 percent, down from 43 percent in 2005. The aftermath of the subprime mortgage collapse made securing financing harder, and the last decade has also seen a shift to college graduates moving to dense cities, where jobs are more available and renting is more common compared to buying.View Article