One Third of New Yorkers Go Over Budget on Housing Costs; Millennials Most Likely to Spend More

StreetEasy’s NYC Housing & Moving Trends Report explores perceptions of affordability among New York renters and owners, their plans to move, and the motivations behind their housing decisions

New York, NY – Feb. 20, 2018 (PRNewswire) New Yorkers pay 1.3 times more for housing in absolute terms than average Americans(i). To accommodate high housing costs, nearly one third of New Yorkers (31 percent) exceeded their initial budget on their current home, according to the new StreetEasy New York City Housing & Moving Trends Report(ii). Homeowners were more likely to overspend: 37 percent went over their initial home budget, compared to 27 percent of renters.

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The StreetEasy report surveyed 1,000 renters and homeowners living across all five boroughs, and details the ways New Yorkers struggle to find an affordable home after the rapid rise in prices and rents over the last decade. According to the survey, there are stark differences in how different generations, homeowners, and renters tackle and perceive the high costs of housing in New York City.

Millennials(iii) are more likely than any other generation to exceed their budget, with 45 percent choosing a more expensive home than they’d planned on, compared to 30 percent of Generation Xers and 19 percent of baby boomers. Millennials are also most likely to consider buying a home in the next year, with more than one third (34 percent) hoping to do so.

Real Estate Infographic

“Younger New Yorkers, many of whom came to New York City to take advantage of the career opportunities it offers, are finding a housing market that is expensive, fast-moving and highly competitive,” said StreetEasy Senior Economist Grant Long. “But despite facing rising housing costs and budgeting constraints, aspirations of owning a home remain high in the city, particularly among millennials. While New Yorkers’ widespread desire to remain in the city is encouraging, the region’s continued success depends on maintaining an adequate supply of affordable homes that fit the priorities of its growing workforce.”

Most surveyed New Yorkers cited budget and number of bedrooms as the most important factors in a home, with 88 percent and 79 percent of residents citing them as a requirement or desire, respectively. Luxury amenities, such as doormen and gyms, ranked as the least important factors. Fifty-four and 64 percent of New Yorkers say these features had no impact on their home decision, respectively.

Asked to rate which factors they required or desired of their current neighborhood, safety and access to public transportation were most important to New Yorkers. Ninety percent of residents cite safety as a requirement or desire, and 87 percent mention access to public transportation — a pattern true for both owners and renters.

Additional report findings:

  • Many New Yorkers perceive New York City as unaffordable (46 percent). However, when asked to rate the affordability of their own homes, just 16 of New Yorkers say their home is unaffordable, revealing a dissonance in the perception of the city’s housing costs.
  • Most New Yorkers would recommend life in NYC (57 percent), particularly millennials (67 percent) and homeowners (65 percent).
  • Renters are significantly more likely to rate the cost of the city negatively: More than half (52 percent) of renters say New York City is unaffordable, compared to 39 percent of homeowners.
  • More than 1 in 3 New Yorkers plan to move in the next year. The majority are considering staying in their borough (71 percent); fewer plan to stay in their neighborhood (36 percent).
  • More than one third (39 percent) of New Yorkers cite the high cost of living as a top reason they would leave, with the desire for a bigger home and to buy a home also ranking highly (32 percent and 29 percent, respectively).

Access the full report:
The full StreetEasy NYC Housing & Moving Trends Report with additional findings and graphics is available to view and download at

About StreetEasy
StreetEasy is New York City’s leading local real estate marketplace on mobile and the web, providing accurate and comprehensive for-sale and for-rent listings from hundreds of real estate brokerages throughout New York City and the NYC metropolitan area. StreetEasy adds layers of proprietary data and useful search tools to help home shoppers and real estate professionals navigate the complex real estate markets within the five boroughs of New York City, as well as Northern New Jersey.

Launched in 2006, StreetEasy is based in the Flatiron neighborhood of Manhattan. StreetEasy is owned and operated by Zillow Group (NASDAQ: Z and ZG).

StreetEasy is a registered trademark of Zillow, Inc.

(i) United States Census Bureau. 2012 – 2016 American Community Survey. U.S. Census Bureau’s American Community Survey Office, 2016.

(ii) StreetEasy partnered with independent market research firm YouGov to conduct a representative online survey that was fielded in November 2017. The results underwent substantial internal analysis and review by researchers and economists at StreetEasy. This survey gathered information from 1,000 key household decision-makers living in all five boroughs of New York City. Roughly half of the respondents were renters and half were homeowners.

(iii) For the purposes of this report, StreetEasy defined each generation breakdown as the following: generation Z, 18–22 years old; millennials, 23–37 years old; Generation Xers, 38–52 years old; baby boomers, 53–72 years old; and silent generation, 73 years old and above.

Where Millennials Can and Can’t Actually Afford to Buy Homes

With rising housing costs and crippling student loan debt, where can millennials actually afford to buy?

Los Angeles, CA – Nov. 14, 2017 (PRNewswire) Colorado and Oregon are two of the least affordable states for millennials to buy a home, a new study found.

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Unsurprisingly, these states also rank as two of the most popular to move to for the age group.

Personal finance website GOBankingRates considered the median list prices for homes across all 50 states. Based on the median millennial income of $60,932 and a 20 percent monthly savings rate, GOBankingRates calculated the amount of time it would take a millennial to afford a 20 percent down payment, as well as the estimated monthly mortgage payment.

Real Estate Infographic

For full study results and more details on methodology, visit: Where Millennials Can and Can’t Actually Afford to Buy Homes.

Best States for Millennials to Buy a Home

1. West Virginia

  • Median list price: $150,000
  • Estimated time to save for a down payment: 2.5 years
  • Monthly mortgage payment: $693

2. Ohio

  • Median list price: $154,900
  • Estimated time to save for a down payment: 2.5 years
  • Monthly mortgage payment: $704

3. Arkansas

  • Median list price: $164,900
  • Estimated time to save for a down payment: 2.7 years
  • Monthly mortgage payment: $757

4. Indiana

  • Median list price: $167,000
  • Estimated time to save for a down payment: 2.7 years
  • Monthly mortgage payment: $757

5. Iowa

  • Median list price: $169,000
  • Estimated time to save for a down payment: 2.8 years
  • Monthly mortgage payment: $766

Worst States for Millennials to Buy a Home

1. Hawaii

  • Median list price: $599,000
  • Estimated time to save for a down payment: 9.8 years
  • Monthly mortgage payment: $2,584

2. California

  • Median list price: $499,950
  • Estimated time to save for a down payment: 8.2 years
  • Monthly mortgage payment: $2,168

3. Massachusetts

  • Median list price: $419,900
  • Estimated time to save for a down payment: 6.9 years
  • Monthly mortgage payment: $1,833

4. Colorado

  • Median list price: $408,068
  • Estimated time to save for a down payment: 6.7 years
  • Monthly mortgage payment: $1,780

5. Oregon

  • Median list price: $352,000
  • Estimated time to save for a down payment: 5.8 years
  • Monthly mortgage payment: $1,551

Additional Study Insights

  • According to the U.S. Census Bureau, Texas, Washington and Colorado are the top three states where millennials are moving, though none top the list of places to buy.
  • The three cities losing the most millennials are New York, San Diego and Miami.
  • The Bay Area continues to be a hot spot for millennials, with San Francisco and Oakland both in the top 10 cities millennials are moving, despite the high cost of housing.

About GOBankingRates is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money, to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us here.


Kim Dahlgren, Media Relations
(310) 297-9233 x138

HomeUnion Identifies the Best Housing and Rental Markets for Millennials

A St. Louis zip code is the top spot for young home buyers, while a Milwaukee zip code is best place for renters

Irvine, CA – May 2nd, 2017 (PRNewswire) HomeUnion, an online real estate investment management firm, has identified the best housing and rental markets for millennials. To rank the zip codes, HomeUnion analyzed a variety of factors including zip codes with the best public schools, shortest commute times and where millennials making the metro median income can afford a for-sale home or rental. For the best places to by a home, the monthly mortgage could not exceed 28 percent of median household income. For the best places to buy a single-family rental (SFR) home, rent could not exceed 2.5 times gross income.


“Millennials recently eclipsed baby boomers as the nation’s largest generation, so it is imperative that they have quality long-term housing options,” explains Steve Hovland, director of research for HomeUnion. “We know that millennials would like to own a home, but we also know that they struggle to find suitable for-sale options near major employment centers due to high home prices and low inventory. Homes in metro areas like Los Angeles, San Francisco and New York City, where many millennials prefer to live, are out of reach for the most of the millennial generation because of the disparity between prices and incomes. They are also burdened with high levels of student loan debt, which makes homeownership an additional challenge,” he notes.

“To help millennials with their housing predicament, we created a comprehensive list of zip codes that are the most affordable with excellent public schools, and also have the shortest commute times to job centers,” Hovland says.


Chart 1

Methodology for the study: The study includes one zip code per market that met the criteria of affordability and schools in the 80th percentile. Subsequently, the list is sorted by shortest average commute, rather than most affordable zip code. To determine loan qualification, a mortgage-to-gross income ratio of 28 percent was utilized in the analysis. Income was based on the median household income in the metro for those aged 25- to 34-years old. In some cases, the same zip code was deemed to be a great place to rent and buy. Average rents are for single-family homes. A rent-to-income ratio of 2.5 times was used to determine eligibility. Markets not included in the study, including those in the Bay Area, did not include a single zip code that met the study’s criteria.

About HomeUnion
HomeUnion is an online real estate investment management firm. Based in Irvine, Calif., it provides all the services needed for individuals to invest remotely in rental properties. The company uses a combination of research and proprietary analytics to incorporate data on over 110 million homes and 200,000 neighborhoods into their database, and then delivers its solutions to an on-the-ground infrastructure that currently serves 11 locations. HomeUnion’s role spans the lifecycle of the investment transaction: identifying sound investments, handling all aspects of acquisition, maximizing income, protecting asset value, and selling the asset when the time comes.

Millennial Home Buyers Far More Traditional Than Previously Believed

Online lenders and agents making little headway among Millennials, according to CentSai survey

New York, NY – April 18, 2017 (PRNewswire) When it comes to home buying, millennials are much more traditional than previously believed, according to a recent survey of 2,050 Americans aged 18 to 34 conducted by CentSai, the financial wellness community.

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Three-quarters (75%) of respondents said that they would use a local real estate agent instead of an online agent, reports CentSai. Almost three-quarters (71%) said they would choose a local lender.

This is in stark contrast to recent data showing approximately 69% of all home buyers would apply for a mortgage online.*

Online mortgage lending and brokerage services are expected to transform home buying, but millennials surveyed by CentSai said that – contrary to popular belief – they prefer local providers due to existing relationships and local knowledge.

“We were surprised to learn that online providers are not yet as big a disruptor in this sector as we first thought, despite purported cost savings,” said Doria Lavagnino, CentSai co-founder and president. “We found that millennials place a high value on the personal touch and knowledge of a local agent. Buying a home for the first time is daunting, and working with a local agent – particularly an agent referred by a parent or friend – could provide peace of mind.”

Likewise, the survey reveals that online real estate agents seem less popular with millennials than expected, despite advertising cheaper overall service via mobile apps. That said, the vast majority (91%) of millennials surveyed said they would use an online site or mobile app to research neighborhoods and home prices and to identify houses that they might buy.

Millennials and Real Estate Infographic

The survey respondents cited various reasons for going local, including personal touch and handholding, longstanding relationships, local knowledge, and amount of hassle.

More than half (56%) of the millennials surveyed by CentSai plan to purchase a house in the next two years. Of the 44% who said that they did not plan to buy a house in the next two years, more than two-thirds (68%) said that they are not buying because they cannot afford to do so. Only 12% said they preferred the freedom of renting, and 10% cited student loan debt as a reason not to buy in the next two years.

CentSai also released a special in-depth real estate section featuring everything millennials need to know about home buying, from mortgages and homeowners insurance to DIY home repair.

About CentSai, Inc.

Centsai’s mission is to make learning personal finance skills approachable and fun for young Americans through every stage of life. CentSai provides financial wellness education through its two platforms: CentSai, which serves millennials (those born between 1980 and 2000), and CentSai Adulting, which is for teens. Both platforms spread invaluable personal finance information through storytelling in blogs and videos, as well as expert commentary, Q&As, podcasts, and more.

About the Survey

This survey was conducted using randomized participants between ages 18 and 34 who live in the United States. No particular state or region was targeted over others. The survey was formulated to ask participants if they would use an online lender or agent over a local one, and what amount of commission they would be comfortable paying. Based on the answer to the question, “Do you plan on purchasing a house in the near future (0-2) years?” we filtered the participants to other questions.

*Fannie Mae’s 2015 National Housing Survey found that 70 percent of recent homebuyers would like to obtain a mortgage quote online, and that 69 percent would like to complete a mortgage application online.

Media Contact:

Kelly Bailey
(347) 556-5985® Names Top Cities for Millennials

Salt Lake City, Miami and Orlando rank No. 1, No. 2, and No. 3

Santa Clara, CA March 22, 2017 (PRNewswire)®, a leading online real estate destination operated by News Corp [NASDAQ: NWS, NWSA]; [ASX: NWS, NWSLV] subsidiary Move, Inc., today announced®’s Top Cities for Millennials. Led by Salt Lake City, the list includes some of the usual millennial hot spots – Seattle and Los Angeles – along with a few surprises such as Buffalo, N.Y. and Albany, N.Y.

In rank order,®’s Top Cities for Millennials include: Salt Lake City, Miami, Orlando, Fla., Seattle, Houston, Los Angeles, Buffalo, Albany, San Francisco, and San Jose, Calif. logo

“High job growth in markets such as Orlando, Seattle, and Miami, and the power of affordability in places like Albany and Buffalo are making these markets magnets for millennials.” said Javier Vivas, manager of economic research for®. “But what really stands out is that all these markets already have large numbers of millennials, which translates into strong populations of millennial home buyers.”

The average share of the 25-34 year old population in the U.S. is 13 percent, but in these top markets, the average share is 14 percent. Salt Lake City, No. 1 on the list, happens to also have the highest share of milllennials, comprising 15.8 percent of its total population. Seattle is close behind with a millennial population at 15.2 percent, Los Angeles and San Francisco tie for third with 15.0 percent.

Economic growth and relative affordability make these markets really attractive to first-time home buyers. Salt Lake City has the lowest unemployment rate of all the markets on the list at 2.9 percent, which is well below the national unemployment rate of 4.7 percent. The job market is also a factor in San Francisco and San Jose, with the unemployment rate at 3.7 percent. When it comes to affordability, Buffalo is No. 1 with the most affordable home prices relative to salary, at 22.7 percent. It’s followed by Albany where people only use 27.3 percent of their income on a home and Salt Lake City where buyers use 30 percent.® analyzed the 60 largest markets in the U.S. and compared the share of millennial page views in each area to the national average. Markets were ranked based on their comparison to the national average. Page view data included in this analysis covers the period from August 2016 to February 2017.®’s Top Cities for Millennials


1. Salt Lake City

The draw: The excitement of an urban city with the relaxed vibes of a mountain town. Large tech companies such as Adobe are attracting the millennial generation to this area by offering innovative workspaces, large salaries and an overall high quality of life.

Millennial hotspot: Sugar House, located southeast of downtown Salt Lake City, offers hip bars and trendy restaurants.

The stats: Millennials make up 15.8 percent of the population. Homeowners spend 30 percent of their income on their home and the unemployment rate is 2.9 percent

2. Miami

The draw: An international mecca for tourism and entrepreneurship.

Millennial hotspots: Wynwood, located just north of downtown, offers a strong art community. South Beach is a strong draw for business and fashion oriented millennials looking to make it big in their careers.

The stats: The millennial population makes up 13.1 percent of the population. Affordability is tough, requiring the average buyer to spend 49 percent of their income on a home. Its unemployment rate is 5.1 percent, slightly above the national average.

3. Orlando

The draw: Downtown Orlando is becoming a hot area and offers easy access to public transportation, shopping and dining, as well as a proximity to many jobs.

Millennial hotspots: Thornton Park, located just east of downtown has also become popular among millennials who are looking to live in a unique historic neighborhood with cobbled streets and lined with bungalows.

The stats: Millennials account for 14.6 percent of the total population in Orlando. Homes are affordable here and only require 34 percent of income. The unemployment rate is below the national average at 4.4 percent.

4. Seattle

The draw: With big company names such as Starbucks, Amazon, Filson, K2 and REI, it’s not hard to imagine why so many millennials want to live and work in Seattle.

Millennial hotspots: Capitol Hill and Belltown are popular neighborhoods for creative millennials who want access to boutique shopping, craft breweries and unique dining experiences.

The stats: Seattle has the second largest millennial population, at 15.2 percent, of all the towns on the list. It offers affordability of 35.6 percent and an unemployment rate of 4.2 percent.

5. Houston

The draw: A booming job market is drawing many young millennials looking to jump-start their careers.

Millennial hotspots: The Heights, Oak Forest, and Timbergrove attract millennials with their close proximity to downtown, boutique shops, trendy restaurants and craft breweries.

The stats: Houston’s population is made up of 14.5 percent millennials. While people spend 36.1 percent of their income on homes, the unemployment rate in Houston is slightly higher than the national average at 5.4 percent.

6. Los Angeles

The draw: Companies such as Snap Inc. and Airbnb draw tech driven millennials to what is now being referred to as “Silicon Beach,” while actors, comedians and music artists are still drawn to the area for a chance at fame.

Millennial hotspots: Silver Lake is a hotbed for millennials looking for a young and creative community.

The stats: Millennials make up 15.0 percent of the population. While the unemployment rate is in line with the national average at 4.7 percent, affordability is difficult in Los Angeles with people spending 64.1 percent of their income on a home.

7. Buffalo

The draw: Money is flowing into the area as a tech scene begins to expand from incubation competitions such as 43 North, which awards $5 million in prizes yearly.

Millennial hotspots: With a revitalized waterfront, downtown Buffalo and North Buffalo are becoming hot real estate for trendy millennials who are looking for easy access to shopping and dining as well as a family oriented community.

The stats: For those millennials looking to spend more time outdoors, Buffalo has a millennial population of 13.4 and an unemployment rate of 5.6 percent. It is the most affordable market on the list, where people only spend 22.7 percent of their salary on their home.

8. Albany

The draw: Albany is slowly becoming what is referred to as the “Silicon Valley of the East Coast,” with companies such as GE putting up headquarters and employing over 7,000 people. The large tech scene popping up is attracting many young millennials who want to be in tech, but don’t want to pay for real Silicon Valley housing prices.

Millennial hotspot: Specialty cocktail bars, Biergartens, and craft coffee houses make downtown Albany the place to be for millennials.

The stats: Millennials make up 12.7 percent of Albany’s population. It offers both affordable housing at 27.3 percent of income and a low unemployment rate at 4.5 percent.

9. San Francisco

The draw: San Francisco’s tech fueled job market is pumping millennials into the area left and right, however, sky-high housing prices are pushing many of the newcomers to the outer neighborhoods and forcing them to rent.

Millennial hotspots: North Beach and the Mission have become popular for the young tech generation that have established themselves and earned a large paycheck, while the Sunset District and Daly City offer more affordable housing options – relative to the rest of the city.

The stats: In San Francisco, millennials make up 15 percent of the total population. While the unemployment rate is really low at 3.7 percent, affordability is a concern with people spending 56.2 percent of their income on a home.

10. San Jose

The draw: Opportunity to work in some of the most innovative companies in the U.S. as well as the infamous Silicon Valley paycheck, are major drivers drawing millennials to the area.

Millennial hotspots: Centrally located downtown San Jose is attracting many millennials because of its public transportation as well as trendy shops and unique dining experiences.

The stats: Millennials make up 14.2 percent of the total population in San Jose. Similar to San Francisco, the unemployment rate is low at 3.7 percent but homes cost 53 percent of income.

About®® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable.® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit®.

Media Contact:®
Lexie Puckett Holbert