Up Sucker Creek

Up Sucker Creek
Photo Courtesy of the Lake Oswego Library

Monday, March 21, 2016


Just like gentrification of lower-priced neighborhoods, now whol cities are experiencing revivals as millennials escape unaffordable areas, many of which line the west coast.   According to Bloomberg Businezs (June, 2015), Portland ranks 13th on a list of metro areas nationwide as least affordable.  On the same list, Pittsburgh ranks the second most affordable.   See map below.

If any city wants to attract young families, it must have affordable housing - especially single family homes - be an affordable place to live, and have an abundant supply of jobs.  Pittsburgh has all three.

USC Confession:  I heard about this trend from my millennial daughter.  She would like to find an affordable home someday.

Pittsburgh expected to be one of America's hottest housing markets for millennials in 2016

Pittsburgh Business Times   December 2, 2015.  By Tim Schooley

Realtor.com, the official website of the National Association of Realtors, projects that Pittsburgh will rank as the country's second-busiest market for millennial homebuyers. The research was based on a formula of millennial population, employment growth and housing affordability.

These are the 13 Cities Where Millennials Can't Afford a Home
Bloomberg Business.  June 8, 2016    By Victoria Stilwell and Wei Lu

Soaring home prices and stagnant wages combine to make home-buying in some cities a pipe dream for young adults

There's no place like home - unless you can't afford one.  

Millennials have been priced out of some of the biggest U.S. cities, with residential real estate prices rising even as wage growth remains elusive. 

Bloomberg used data from the U.S. Census Bureau, Zillow Group Inc. and Bankrate.com to quantify how much more money millennials would need to earn each year to afford a home in the largest U.S. cities. The good news is that out of 50 metropolitan areas, 37 are actually affordable for the typical 18-34 year-old (scroll down to the end of the story to see the full results).

The bad news is that the areas that often most appeal to young adults are also the ones where homeownership is the most out of reach.

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