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Title: Socialist Utopia California leads in cities unaffordable for millennials
Source: [None]
URL Source: http://www.businessinsider.com/mill ... use-of-high-home-prices-2016-9
Published: Sep 8, 2016
Author: fp
Post Date: 2016-09-08 06:42:16 by NeoconsNailed
Keywords: None
Views: 35

(Chart at link -- "view source" pasted things gigantically)

Most millennials want to own homes, but they'll likely be driven to the suburbs because of high home prices in cities.

This was reconfirmed in a survey of 19- to 35-year-olds conducted by Bank of America Merrill Lynch.

It found that 66% of millennials rated homeownership either as "very important" (40%) or "important" (26%).

In a primer on millennials and centennials published last week, BAML equity strategist Sarbjit Nahal said the survey showed that the share of millennials who said home buying was "very important" slipped from a year ago.

Nahal wrote: "The most common reasons cited by millennial respondents for not buying a home were: 1) I am not at the right point in my life and 2) I don’t make enough money to afford a home. Younger millennials (20-24Y) were more inclined to point to their current stage of life, while older millennials (30- 34Y) appear to be emotionally prepared to be homeowners, but lack the financial resources to do so."

Because there is demand for housing from people looking to upgrade and inventories are insufficient, prices in major metros have surged.

BAML included this chart from Trulia, which shows the cities with the highest move-away rate relative to expectations among millennials.

Screen Shot 2016 09 07 at 11.36.53 AM Bank of America Merrill Lynch

BAML's survey also confirmed that millennials have reached "peak urban" living. It found that 53% of respondents who currently live in the suburbs said they'd stay put. SEE ALSO: San Francisco's out-of-control housing market might start looking more 'normal' by the end of the year NOW WATCH: This brick-laying robot can build a house in just two days

Poster Comment:

An unusual barometer of city and state health, but when you add up all the CA headlines we see here it's a grotesque, repellent portrait. Sure, I love the good parts of California but it wins too many booby prizes anymore since at least Gray Davis.

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