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Millennials can afford to become homeowners — just not where many of them live

Posted by Matti Miranda on December 11, 2014 at 10:35 PM

Many millennials think they can no longer afford to buy a house, as their parents did at their age. Is it true? Read the story here by Emily Badger for The Washington Post, published on December 10, 2014. 

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Millennials tend to gravitate to certain cities. They're more likely to live in San Diego than Newark, in Austin than Cleveland, in Washington than Tampa. But these geographic patterns bode poorly for their homeownership prospects: Millennials make up a larger share of the population in many metropolitan areas where they're least likely to afford the housing.

Jed Kolko, the chief economist at Trulia, illustrates this mismatch in the below graph:

Read the full story here: http://www.washingtonpost.com/blogs/wonkblog/wp/2014/12/10/millennials-can-afford-to-become-homeowners-just-not-where-most-of-them-live/