Millennials: house affordability in the U.S. by city 2015

This statistic presents the housing affordability index among Millennials in the United States as of June 2015, by city. The index presents how much money the Millennials need to earn per year in order to be able to buy a house in a given city, basing on the difference between house prices and the Millennials' earnings in the given area. The Millennials who want to buy a house in San Jose need to earn 80,162 U.S. dollars more per year to afford an average house mortgage.

Housing affordability index among Millennials in the United States as of June 2015, by city (in U.S. dollars per year)

Characteristic	Affordability index in U.S. dollars per year
San Jose, CA	-80,162
San Francisco, CA	-60,975
Los Angeles, CA	-45,761
San Diego, CA	-36,084
Sacramento, CA	-6,636
New York, NY	-6,550
Seattle, WA	-5,778
Riverside, CA	-5,389
Washington, DC	-5,157
Boston, MA	-4,394
Miami-Fort Lauderdale, FL	-4,033
Denver, CO	-2,620
Portland, OR	-1,339
Salt Lake City, UT	3,108
Virginia Beach, VA	4,624
Austin, TX	5,287
Providence, RI	6,178
Las Vegas, NV	6,853
Phoenix, AZ	7,243
Orlando, FL	7,648
Baltimore, MD	9,798
Nashville, TN	10,057
Milwaukee, WI	10,457
Philadelphia, PA	10,509
Raleigh, NC	11,122
Tampa, FL	11,589
New Orleans, LA	11,607
San Antonio, TX	11,879
Minneapolis-St Paul, MN	12,074
Jacksonville, FL	12,136
Richmond, VA	12,363
Chicago, IL	12,948
Charlotte, NC	13,066
Dallas-Fort Worth, TX	13,195
Hartford, CT	13,322
Houston, TX	13,401
Atlanta, GA	14,807
Oklahoma City, OK	15,236
Louisville, KY	15,541
Columbus, OH	16,351
St. Louis, MO	17,741
Birmingham, AL	17,747
Cincinnati, OH	18,022
Memphis, TN	18,263
Kansas City, MO	18,460
Cleveland, OH	18,734
Indianapolis, IN	18,752
Buffalo, NY	18,969
Pittsburgh, PA	20,712
Detroit, MI	21,207

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Release date

June 2015

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Region

United States

Survey time period

June 2015

Supplementary notes

*The source adds the following information: "Fifty largest U.S. cities are ranked based on the monetary gap between the median earnings of millennials and the minimum earnings required to purchase a single family home for the given region. Home values, sourced from Zillow, are based on January to April 2015 monthly median values for detached single family homes within a given region. Millennials' earnings estimations are based on 2013 median earnings for workers ages 18 to 34 years old from the Census Bureau, assuming an escalation of 2 percent per year. The mortgage payment calculation assumed a standard 20 percent down payment and state-based monthly average of 30-year fixed rates in 2015, or jumbo rates if the home value was higher than 417,000 U.S. dollars. Minimum salary required was the inferred amount, assuming one-third of the pre-tax income goes to mortgage payment."

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