Apartments for rent in new York literally costs a fortune for buying a house in this city and not have to pay half the Kingdom. Real estate prices have soared over the past two decades, leaving the representatives of the millennial chance to buy their own dream house.
In the new study, conducted by resource Adobo, considered trends in real estate markets across the country among buyers under the age of 35 years. Analysts have come to rather interesting conclusions. In addition to the already obvious fact that real estate is much cheaper in almost any other market in the country, the study showed that the Central part of the Metropolitan area of new York has one of the lowest rates of homeowners under the age of 35 years in the country – a total of 19.8 percent.
In average across the country about 32 percent of the representatives of the millennial are the owners of the property, and in the cities of des Moines, Iowa and Grand rapids, Michigan, and this figure reaches 40 percent. But the people of new York who are forced to reckon with all that are associated with the growth of housing prices, including huge debts on student loans, will have an extremely thorny path to home ownership.
Researchers from Adobo considered the average income of millennial representatives in major cities across the country and compared it with the average cost of homes purchased by members of the generation in each area. Then analysts have estimated that young new Yorkers will need 22 years to receive installments with the first payment in the amount of 20 percent of your home’s value if they postpone it 15 percent of their income.
