The percentage of homeowners under 35 years old in 2015 was nearly 8 percent lower than it was in 2005, according to census data.
Whatever the reasoning, millennials aren’t as interested in buying houses. But when they do want to invest in homes, what they can afford isn’t getting them much space in a number of big cities.
SmartAsset gathered data based on millennial income and median net worth, then using their “home affordability calculator” determined what a person could afford. But what size of house does a given amount of income in a given city buy?
Using price per square footage information provided by Zillow, SmartAsset found out.
In Phoenix, those under 35 years old can, on average, afford a home worth $172,000 and that actually buys quite a bit of space: 1,421 square feet, to be exact. While that doesn’t seem like much, it’s a better deal than other big cities in the United States.
It’s a bargain compared to New York City (millennials can only afford a $60,500 home at 165 square feet) and San Francisco ($120,000 for 135 square feet).
Detroit’s median incomes for millennials could buy them the biggest home of the 23 big cities investigated. A $125,000 home got them 3,205 square feet of space.