Millennials in San Francisco may be viewed as trendy techies who can afford the city's soaring real estate prices, but the truth is rather different, according to new research from personal finance company SmartAsset. The average millennial in San Francisco can afford a home of just 135 square feet—a size that we're pretty sure isn't even legal. The figures are based on calculation of millennials' median income and median net worth combined with the median home value in the city.
San Franciscans are the worst off of any of the 23 cities studied by SmartAsset. New Yorkers didn't fare much better, with the ability to buy a home of just 165 square feet, while millennials in Houston could purchase a 1,371 square-foot home and those in Phoenix could snag a spacious 1,421 square-foot palace. In Detroit, which topped the list, the average millennial could get a 3,205 square-foot home.
· How Much House Can Millennials Afford? [SmartAsset]