The elusive millennial generation must be ready to buy a home soon, right?
The group of individuals born between 1980 and 2000 is a mystery for a lot of real estate professionals, often burdened by student loans and living a lifestyle of non-attachment.
Smartasset measured the affordability of the top 23 cities in the U.S. for this group, which was assessed based on median income data from the U.S. Census Bureau’s “Young Adults, Then and Now” report and county-level net worth data from ESRI.
In addition to national net worth data from U.S. Census Bureau, the information was then paired with interest rates and the Federal Housing Administration’s minimum 3.5 percent downpayment for first-time home buyers in Smartasset’s home affordability calculator.
In Chicago, the median single-family home price, according to Altos Research, is $214,130.
Millennials in Chicago cannot afford the median single-family home value that is reported by Altos Research. However, compared with other major cities in the nation, like Los Angeles and New York, Chicago millennials are pretty well off.
The average millennial can afford a 937-square-foot home for $148,000 in Chicago.
