LA is the sixth most desired city for millennials: report
Despite a lack of affordable and workforce housing, Los Angeles just ranked as the seventh top city for millennials.
Realtor.com’s list of millennial hot spots was led by Salt Lake City. Miami came in second place, followe by Orlando, Seattle, Houston and L.A. The report looked at the largest 60 markets in the country and compared the share of millennial page views to the national average from August to February.
Millennials between the ages of 25 and 34 represent 15 percent of the La La Land’s population. Companies such as Snap Inc. draw tech-driven millennials to what is now referred to as “Silicon Beach,” according to the report, while actors, comedians and music artists are still drawn to L.A. for the same reason they always have been: fame.
Silver Lake is a hotbed for millennials looking for a young and creative community, the report notes.
For the time being, housing remains a challenge in Los Angeles, where residents spend an average of 64.1 percent of their income on a home, according to the report.
In Miami, buyers spend an average of 49 percent of their income on a home, and home prices rose 6.8 percent in December year-over-year, marking the sixth highest increase in the nation, although that growth is slowing.
Across the country, Americans spent the highest share of their incomes on mortgage payments since 2010 during the last quarter, according to Zillow. The economy’s improvement after the housing crash generated new buyer demand for housing, but the affordable housing inventory — especially in denser cities that are attractive to millennials — hasn’t met the demand.