The Only Way Millennials Can Afford To Live In Big Cities

In over half of the biggest U.S. cities, the typical millennial can't afford a 1,000 square-foot home, according to a recent report. SmartAsset, a tech company that offers tools to make financial decisions, used their home affordability calculator to analyze median income and net worth of people under age 35. It then compared the results to interest rates and the down payment needed to buy a home in the largest 23 cities.


The calculator, which is supposed to help a potential homebuyer determine what size and cost they can afford, might be useful for, say, a middle-class family trying to decide if they have the resources to buy a house with a spare bedroom. But the results can get absurd in many of the largest cities.


http://flip.it/AU1iy