Millennial malaise: LA has the lowest rate of homeownership among adults under 35

Study found typical millennial would have to save for 32 years

TRD LOS ANGELES /
Jun.June 28, 2017 03:30 PM

Dear millennials, if you’re thinking about buying a home in Los Angeles, good luck.

Only 17.8 percent of millennials in La La Land have been able to afford a home purchase, far below the 32 percent national average, a new study found. The remaining 82.2 percent of Angelenos under the age of 35 are renters.

By contrast, in the Ogden-Clearfield area of Utah, slightly more than half of millennials own homes. Ogden’s metro area came in first place out of the 135 cities surveyed in the study from rental website Abodo.

With median home prices at $560,000, and the average income of millennials in L.A. trailing other major cities like San Francisco, young adults would have to save for an average of more than 32 years to afford a 20 percent down payment of $112,033, the study found.  Abodo calculated this estimate based on the assumption that potential buyers set aside 15 percent of their earnings a month, Curbed reported.

The study does not state the average income of L.A. millennials, which it used for its calculations.  [Curbed]Subrina Hudson


Related Articles

arrow_forward_ios
Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Malibu spec mansion lists amid softening luxury market
Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion
CoreLogic's Andrew LePage and Orange County (Credit: Wikipedia)

SoCal housing market shows signs of life, with a caveat: report

SoCal housing market shows signs of life, with a caveat: report
Bridge Housing CEO Cynthia Parker and a rendering of the view from Walnut and Anaheim (Credit: SVA Architects)

Fully affordable complex set to rise in vacant Long Beach lot

Fully affordable complex set to rise in vacant Long Beach lot
Tracy Tutor and her Brentwood home

Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home

Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home
Anton Lessine and 321 South Bristol Avenue, and Behati Prinsloo and Adam Levine with their home (Credit: Getty Images and Zillow)

This week in celeb real estate: Adam Levine unloads $45M home, a Hollywood film producer sells in Brentwood…and more

This week in celeb real estate: Adam Levine unloads $45M home, a Hollywood film producer sells in Brentwood…and more
Anton Lessine and 321 South Bristol Avenue (Credit: Getty Images)

Hollywood producer Anton Lessine sells Brentwood Park mansion for $17M

Hollywood producer Anton Lessine sells Brentwood Park mansion for $17M
Andy Reid, the President of MetroStudy

The great SoCal slowdown: Homebuilding drops 18%

The great SoCal slowdown: Homebuilding drops 18%
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...