Ask around in addition to also you’ll discover that will a sizeable chunk of brand new York City’s millennial population flocked here via additional states, hoping to take advantage of the career opportunities that will the sprawling metro area has to offer.
They’re also willing to spend more than they should to stay.
According to a brand new report via StreetEast, millennials are more likely than any additional generation to exceed their budget when the item comes to N.Y.C. housing.
The market is usually “expensive, fast-moving in addition to also highly competitive,” explains StreetEasy senior economist Grant Long. “although despite facing rising housing costs in addition to also budgeting constraints, aspirations of owning a home remain high from the city, particularly among millennials.”
StreetEasy surveyed 1,000 renters in addition to also homeowners living across all 5 boroughs — Manhattan, Bronx, Brooklyn, Queens in addition to also Staten Island. The results illustrate how brand new Yorkers are struggling to find affordable homes due to the rapid rise in prices in addition to also rents over the last decade.
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The findings also show how different generations approach the situation.
For example, of the millennial respondents, 45 percent say they chose a more expensive home than they’d planned, compared to 30 percent of “Generation Xers” — those born via the early 1960s to late 1970s — in addition to also 19 percent of baby boomers.
Despite the lofty prices, more than one third (34 percent) of the millennial respondents are aiming to buy a home from the next year.
The report also found that will locals, in general, are willing to overspend so long as long as the neighborhood meets specific requirements. Renters in addition to also homeowners alike rank safety (0 percent) in addition to also access to public transportation (87 percent) above all additional factors when the item comes to choosing a home.
Here’s a further breakdown of what the survey found:
- brand new Yorkers pay 1.3 times more for housing than average Americans
- 46 percent say N.Y.C. is usually unaffordable
- Nearly one third (31 percent) exceeded their initial budget on their current home
- 37 percent of homeowners went over their initial home budget; 27 percent of renters went above initial budget
- More than 1 in 3 brand new Yorkers plan to move from the next year
- More than one third (39 percent) cite the high cost of living as a top reason to leave
- The desire for a bigger home in addition to also to buy a home also rank high — 32 percent in addition to also 29 percent, respectively
- Luxury amenities (i.e. doormen in addition to also gyms) rank the lowest among all requirements in choosing a home
- brand new Yorkers also tend to want to stay in their borough (71 percent); although fewer plan to stay in their neighborhood (36 percent)
Not surprisingly, renters are significantly more likely to rate the cost of the city negatively. More than half of the renters who responded, 52 percent, consider brand new York City unaffordable, compared to 39 percent of homeowners who can buy in addition to also sell more freely.