Homeownership for Many Millennials Means Moving to a Cheaper Market

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December 09, 2014

There is a mismatch between where millennials live versus where they can afford to buy a home, writes Trulia’s Chief Economist Jed Kolko.
A whopping 93 percent of young adult renters said that they will buy a home someday, but homes in the metros where they choose to live are usually out of their affordability range. For example, 20-34 year-olds make up 23.5 percent of the entire population of metros like Austin, Honolulu, New York, and San Diego, where fewer than 30 percent of homes for sale are within reach of the typical millennial household.
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