The rent is too damn high for millennials in the US
Seriously. We finally found out the reason why your cousin Mike still lives in your aunt's basement. He (along with the rest of his peers) legitimately can't afford to live in a city.
In some places the rent really is too damn high making them completely unaffordable for millennials. We're not just talking Manhattan here, according to Bloomberg there are 23 cities that are just too expensive for millennials to rent.
Some of the places on the list might surprise you. Miami is at the top with the least amount of affordable housing for millennials - followed by Los Angeles, San Francisco and then New York City. But places that might seem more affordable at first brush, in fact, are not. Providence, Portland and San Antonio are still too pricy.
Check out the graphic below that displays the % of people paying over $1500/month in rent in the 23 cities:
The senior director of economic research for Zillow tells Bloomberg that we're in a "national rental crisis" where the cost of living is rising but paychecks aren't keeping pace.
But hey, if you can't rent, maybe you can buy! Nope, nope, nope. Just yesterday Bloomberg and Zillow AKA real estate's own Debbie Downers released data showing that millennials are being priced out of the mortgage market too.Like everything, there is an upside. Sure the majority of your measly salary is going to rent a crappy apartment you can't afford, therefore you'll never have enough for a down payment on a home but ... your mom makes a mean tuna casserole and folds your unmentionables just how you like it. So really, you win.
Check out the slideshow below for a look at the 23 cities:
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