For millennial home buyers, only Honolulu is pricier than Southern California
If you're a 20- or early 30-something and want to buy a house in Southern California, well, good luck.
Barely 1 in 4 homes on the market in Los Angeles and Orange counties is affordable to the typical millennial household, according to a new study from real estate website Zillow. Among the 96 largest housing markets in the U.S., only Honolulu had a lower share.
Zillow came up with the number by crunching a trove of listings and income data for households headed by people ages 23 to 34. It calculated monthly payments on those listings and estimated how many the median-earning millennial household could afford — defined as spending 30% of income or less. Nationwide, it found millennials could afford 70% of listings. In L.A., it was just 26%.