How Millennials Can Afford to Live in Southern California
Millennials, the generation born between 1980 and 2000, are now twenty and thirty-somethings, and they are starting to take over. They are the social media generation, the multi-tasking, hashtagging generation, often stereotyped as having a short attention span and a large sense of entitlement.
That’s not all there is to millennials though. They are also the largest generation of this era, now outnumbering the baby boomers, and they are the first generation to enter young adulthood following a great recession. They haven’t had it easy, entering the job market while competition is fiercer than ever and also facing the fact that most of them can’t afford to live where they might want to.
According to the LA Times, the number of potential buyers between the ages of 23 and 34 in southern California who can actually afford to buy a home there is only 26%, while the same number nationally is 70%. The article’s author, Tim Logan, cites economist Skylar Olsen of Zillow, who points out that the combination of low incomes, high prices and a less than diverse inventory of houses is the cause of young people and young families being priced out of Los Angeles and the surrounding area.
Fortunately for millennials who don’t want to leave sunny, southern California for a more sensible, affordable metropolis, like, say, Buffalo, NY, there are some affordable areas, and Emily Satterlee of World Travel Bliss put six of them on her list of Six Totally Affordable Places to Live in Sunny Southern California. Among the six is Riverside, just east of Los Angeles. Also making the list, Temecula, Idyllwild, Lake Elsinore, Yucca Valley and San Clemente. So, whether you’re a millennial who likes wine, mountains, the beach or water sports, there is an affordable city for you in southern California.
Regardless of where they choose to settle down, Millennials will face challenges, but they’ll surely confront those challenges head on and leave a lasting impression. For information on mortgage options for first-time home buyers, visit goldenstatemortgage.com.