65 percent of homes in the Jacksonville area are affordable to the average millennial, according to a Zillow analysis published late Tuesday.
That figure is is in line with the national number, where 70 percent of homes are considered affordable to millennials.
Zillow used the median income of millennials aged 23-34 and presumed they could spend no more than 30 percent of their annual income on a mortgage payment.
The metro area with the lowest affordability to millennials was Honolulu, where just 25 percent of the housing inventory was deemed affordable. In Akron, Ohio, 90 percent of millennials can afford to buy.
http://www.zillow.com/research/millennials-affordable-inventory-9500/
People tend to buy a house when they have a need for more room, for a family. Not till then.
http://www.cnbc.com/id/102623330 (http://www.cnbc.com/id/102623330)
Zillow, I love Zillow, ever had a "Zestimate" on your house? lol
As a millennial, I know that I'm not buying a house anytime soon because I haven't found a career that I know I'll stick with for more than a few years. Most companies hire only "temps" or "temp to perm". I know many people in my office who have been temps for 2+ years with no sign of progression. I'm constantly hunting, but it's really difficult to land a permanent position that pays well and isn't so stressful that you're burned out after 2 years.
Once I get the ground below me stabilized, I'll start looking into permanent housing. Until then I need the ability to lease so I can move closer to work when necessary.
As millennials, my fiance and I are getting married in 2.5 weeks but neither of us plan on buying a home for at least another 3 years. Granted, that could change if next year goes gangbusters as working for yourself really gives you the best chance to "make it". But rents are still very affordable and we'd rather spend money on traveling than paying off a mortgage.
Almost everyone I know who lives in Jacksonville owns a home. Plenty did have help from mom & dad, but plenty, even with what I would call mediocre jobs, were able to afford a mortgage for a decent starter home in good areas.
Conversely, I have friends in their 40s in San Francisco who rent, or in some cases, still have roommates. It's a real problem.