Fort Lauderdale Among 13 Cities Where Millennials Can’t Afford A Home
Turns out, buying a home in Fort Lauderdale isn’t feasible for the typical local millennial.
According to a Bloomberg analysis published this week, the Miami-Fort Lauderdale area is among 13 U.S. cities where millennials don’t make enough money to afford a house.
For the research, “Bloomberg used data from the U.S. Census Bureau, Zillow Group Inc. and Bankrate.com to quantify how much more money millennials would need to earn each year to afford a home in the largest U.S. cities.”
Millennials in Miami-Fort Lauderdale, who earn a median salary of $31,969, would need to make $4,000 more per year to be able to afford a house valued at $266,975, the median cost for homes in the area. And that’s assuming they'd be able to make a 20 percent down payment. (Of course, there are plenty of other factors that come into play here, too.)
Want to feel better? Millennials living in San Jose, California, are the worst off. They would need to make a whopping $80,000 more a year to be able to buy a place of their own. San Francisco, New York, Seattle and Boston were among the other unaffordable housing markets.
Millennials can get more bang for their buck in cities like Detroit and Buffalo, New York, where buyers would have $18,969 left over per year.
For those looking to buy, don't expect it to be easy. Millennials in Broward County who can afford homes should be ready for a bidding war, especially if they’re looking for homes in the $200,000 to $300,000 range.
The Sun Sentinel reports many homes are attracting multiple offers, often leaving prospective buyers outbid and, unsurprisingly, disappointed or frustrated. (In fact, back in April, Auction.com reported Fort Lauderdale was among the top five hottest housing markets in the nation.)
However, real estate agents say a slower summer season should offer some relief for buyers, according to the Sun Sentinel.
Visit Bloomberg for the full analysis and an explainer on the methodology.