Millennials — a generation of renters. People under 35 years of age prefer rental housing of their own. This is partly due to a desire for geographical independence and unwillingness to take on financial obligations. But there is another reason — because of the high real estate prices, not everyone can afford such a purchase.
With this problem facing young people throughout the United States, but especially sharply it costs in Los Angeles. It is here that the small percentage of homeowners among young people — a total of 17.8%. It is almost twice lower than national rates, which reach 32%. These figures were released by the portal Abodo, examining census data for the year 2015.
After analyzing the ratio of property prices in the region and the average wage of local youth, analysts came to an even more depressing conclusion. It turns out that to buy on credit own house in Los Angeles, local Millennials need to save money as much as 32 years.
Annually putting aside 20% of their income during this time they will have time to gather funds for a down payment in the amount of $112 million (at an average cost of house $560 thousand).
Therefore, those who dreams of his own roof over his head, to think seriously about moving. Much easier to buy a house in Rochester, new York, or, for example, in Pittsburgh, PA — there it will take only 7 years and 9 months.
