Hartford comes out ahead on affordable housing list for millennials
HARTFORD – Hartford came out on the affordable side of a recently-released national index by Bloomberg that rates millennial housing affordability in 50 U.S. cities, specifically where an average 18 – 34-year-old can afford to live.
According to Bloomberg, ranked against major Northeast cities New York, Boston and Providence, Hartford requires the lowest minimum salary needed to buy a house.
The average salary for Hartford millennials, defined as young adults born in the 80s and 90s, is $44,032.
The median home value in Hartford is $226,625, making the minimum salary to purchase a home, according to the index, $30,710.
The surplus between median earnings and minimum salary for millennials is $13,322.
Perhaps not surprisingly, New York City proved to be least affordable to young adults just starting their careers, with the average home price of $374,350 and the average salary of $43,809. With $50,359 being the minimum salary need to buy a house, that comes out to be a gap of $6,550.
Boston millennials also faced a gap with the average home price coming in at $379,975 and an average wage of $46,348. The minimum salary needed to buy a house is $50,742, making the gap $4,394.
Providence came out on the plus side, though not as affordable as Hartford. The average home price there was $235,450 and average salary $37,697. The minimum needed to buy a house is $31,519, making a surplus of $6,178.
Bloomberg used data provided by the U.S. Census Bureau, and zillow.com.
To view the complete rankings, click here.