San Francisco County has the least affordable housing market for millennials, according to a recent survey by real estate site RealtyTrac.
This shouldn’t be too surprising to anyone who’s been following the anti-tech gentrification protests that have been increasingly common in San Francisco in recent months. Some argue that as more and more young tech workers have moved into the city, demand has far outpaced supply, and prices have skyrocketed.
Analysts looked at what percentage of income was necessary for an average income earner to purchase a median-priced home or rent an average three-bedroom apartment in 351 U.S. counties. Only counties with a population of at least 100,000 and where millennials made up at least 24% of the population were considered. Additionally, only counties that saw an increase in their millennial population between 2007 and 2013 were considered.
For the purpose of the survey, a millennial was defined as someone born between 1977 and 1992.
Using those data points, RealtyTrac found that someone earning a median income in San Francisco would need to spend more than 78% of their income on a median house payment. Renters, on the other hand, would need to spend 47% of their income for a three-bedroom rental, the fifth-greatest percentage for all U.S. counties.
It’s generally recommended to spend about 30% of a household’s income on rent and utilities.
Despite the unaffordable prices, more millennials are moving to San Francisco than pretty much anywhere else in the country. According to RealtyTrac, the city’s millennial population increased by 68% between 2007 and 2013. The only county with a greater increase was Alexandria, Virginia, a Washington, D.C. suburb that saw an 81% increase.
Alameda County, located across the bay from San Francisco, also ranked high for both renters and buyers.
You can see all of the results in the chart from RealtyTrac below.
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