{"id":11259,"date":"2024-03-27T12:00:13","date_gmt":"2024-03-27T16:00:13","guid":{"rendered":"https:\/\/www.realtyhop.com\/blog\/?p=11259"},"modified":"2024-03-27T14:49:45","modified_gmt":"2024-03-27T18:49:45","slug":"generational-housing-gap-by-city","status":"publish","type":"post","link":"https:\/\/www.realtyhop.com\/blog\/generational-housing-gap-by-city\/","title":{"rendered":"A Generational Wealth Gap: Is Housing Affordable for Young People in Your City?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">As home prices continue to rise, young people have felt the American dream of homeownership quickly slipping away. However, as millennials and Gen Zers voiced their frustrations, the previous generation pushed back, arguing that buying a home years ago was just as expensive. This exchange has sparked a generational clash, igniting tensions and passionate discussions between both sides.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In our Generational Wealth Gap series, we answer whether housing is more expensive for younger people today. This is the last report of our three-part series, which focuses on housing affordability in 1970 vs. 2022 in some of the largest cities in the United States.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our key findings include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Housing has become <\/span><b>3.73 times more expensive<\/b><span style=\"font-weight: 400;\"> for an average <\/span><b>Los Angeles<\/b><span style=\"font-weight: 400;\"> family since 1970.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The top five cities where housing affordability worsened are all located in <\/span><b>California<\/b><span style=\"font-weight: 400;\"> \u2013 Los Angeles, Oakland, Anaheim, Long Beach, and San Jose. The state as a whole experienced a <\/span><a href=\"https:\/\/www.realtyhop.com\/blog\/housing-affordability-boomers-vs-millennials-gen-z\/\"><span style=\"font-weight: 400;\">192% decrease<\/span><\/a><span style=\"font-weight: 400;\"> in housing affordability.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Homes are <\/span><b>3.25 times more unaffordable<\/b><span style=\"font-weight: 400;\"> for average families <\/span><b>in Miami<\/b><span style=\"font-weight: 400;\">. The nearby Hialeah has seen similar trends, with housing being 3.49x more unattainable since 1970.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The booming technology industry contributed to the worsening housing affordability. 14 of the 20 top cities in the report are major cities with tech talent.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">To do this, we pulled statistics from the most recent 2022 U.S. Census and compared those to the same numbers from the 1970 Census, when Baby Boomers were beginning to purchase starter homes. Read on to see the results.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">A Generational Wealth Gap Has Formed<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Is housing more expensive for young people today, even after factoring in wage growth? To answer our question, we compared two main statistics from the U.S. Census:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Median Family Income (in the 1970 Census, the data was labeled as \u201cMedian Families Income\u201d)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Median Value of Owner-Occupied Housing Units: each homeowner\u2019s estimate of how much their property would sell for if it were on the market.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">From these statistics, we could then calculate a Housing Unaffordability Multiple for each city: how many multiples of family income it would take to purchase a home in 1970 vs. in 2022. Here\u2019s how it\u2019s calculated:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Assuming that\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"3\"><span style=\"font-weight: 400;\">1970 Median Families Income = $9,000<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"3\"><span style=\"font-weight: 400;\">1970 Median Value = $15,000<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"3\"><span style=\"font-weight: 400;\">2022 Median Family Income = $90,000<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"3\"><span style=\"font-weight: 400;\">2022 Median Value = $450,000<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Housing Unaffordability Multiple = ( 2022 Median Value \/ 2022 Median Family Income ) \/ ( 1970 Median Value \/ 1970 Median Families Income) = ($450,000 \/ $90,000) \/ ($15,000 \/ $9000) = 3<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The Housing Unaffordability Multiple provided an abundantly clear answer: housing is far less affordable now than when previous generations purchased their first home.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Housing Unaffordability Multiples by City<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The map below breaks down our findings by city. The larger the bubble, the bigger the Housing Unaffordability Multiple.<\/span><br \/>\n<button onclick = \"embedPopup()\" button = \"https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/generational-wealth-gap-by-city.html\" class=\"button button1\" style=\"display: block; margin-left: auto; margin-right: 0px;\">Get the code to embed this map!<\/button><\/p>\n<div style=\"position: relative; overflow: hidden; width: 100%; max-width: 1000px; height: 680px; margin-left: auto; margin-right: auto; margin-bottom: 15px; border: 1px transparent #fffff; border-radius: 15px;\">\n<div style=\"padding-bottom: 68%; height: 0px; position: relative; width: 100%;\">\n<div style=\"position: absolute; height: 100%; width: 100%;\" align=\"center\"><iframe loading=\"lazy\" src=\"https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/generational-wealth-gap-by-city.html\" width=\"100%\" height=\"100%\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><br \/>\n<\/iframe><\/div>\n<\/div>\n<\/div>\n<p><script>function embedPopup() {alert('<iframe loading=\"lazy\" src=\"https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/generational-wealth-gap-by-city.html\" width=\"100%\" height=\"600px\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe>');}<\/script><\/p>\n<h2><span style=\"font-weight: 400;\">Cities With the Worst Generational Housing Affordability Gap<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While housing nationwide has become significantly more expensive, certain cities were more affected. Housing is 3.73 times more unaffordable for an average family in Los Angeles now than in 1970. Oakland, the third largest city in the Bay Area, is not far behind. It is 3.17 times harder for average families in Oakland to own than for their parent\u2019s generation. It\u2019s worth noting that seven of the top 10 cities are located in California.<\/span><\/p>\n<p><a href=\"https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-worst-affordability-gap.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-11260 size-full\" src=\"https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-worst-affordability-gap.png\" alt=\"\" width=\"1860\" height=\"1320\" srcset=\"https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-worst-affordability-gap.png 1860w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-worst-affordability-gap-300x213.png 300w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-worst-affordability-gap-1024x727.png 1024w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-worst-affordability-gap-768x545.png 768w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-worst-affordability-gap-1536x1090.png 1536w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-worst-affordability-gap-592x420.png 592w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-worst-affordability-gap-1184x840.png 1184w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-worst-affordability-gap-150x106.png 150w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-worst-affordability-gap-600x426.png 600w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-worst-affordability-gap-696x494.png 696w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-worst-affordability-gap-1392x988.png 1392w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-worst-affordability-gap-1068x758.png 1068w\" sizes=\"auto, (max-width: 1860px) 100vw, 1860px\" \/><\/a><\/p>\n<h2><span style=\"font-weight: 400;\">Cities that Remained Affordable Since 1970<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In some cities, housing has remained steady in the past five decades. In Detroit, housing affordability has actually improved since 1970 due to the lack of housing demand. With a multiple of 0.74x, it\u2019s easier for an average family in Detroit to purchase a home than for their parents or grandparents. Cleveland, where the city\u2019s population has decreased by 50.68% since 1970, has also maintained its affordability.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-smallest-affordability-gap.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-11261 size-full\" src=\"https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-smallest-affordability-gap.png\" alt=\"\" width=\"1860\" height=\"1320\" srcset=\"https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-smallest-affordability-gap.png 1860w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-smallest-affordability-gap-300x213.png 300w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-smallest-affordability-gap-1024x727.png 1024w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-smallest-affordability-gap-768x545.png 768w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-smallest-affordability-gap-1536x1090.png 1536w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-smallest-affordability-gap-592x420.png 592w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-smallest-affordability-gap-1184x840.png 1184w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-smallest-affordability-gap-150x106.png 150w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-smallest-affordability-gap-600x426.png 600w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-smallest-affordability-gap-696x494.png 696w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-smallest-affordability-gap-1392x988.png 1392w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/cities-smallest-affordability-gap-1068x758.png 1068w\" sizes=\"auto, (max-width: 1860px) 100vw, 1860px\" \/><\/a><\/p>\n<h2><span style=\"font-weight: 400;\">Tech Industry Drove Up Home Values in Major Hubs<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">While housing demand is largely driven by population growth, in some markets, we noticed that the leading tech industry and the resulting higher incomes also contributed to the worsening housing affordability. The chart below illustrates the relationship between population growth and housing unaffordability. Seattle appeared in 1970 as a booming tech city, and by 1995, Microsoft, with headquarters in Seattle, became the most profitable company in the world. Home appreciation outpaced wage growth, and today, it\u2019s 5.2 times harder for a young Seattle family to buy a home than in 1970.<\/span><\/p>\n<p><a href=\"https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/pop-growth-vs-housing-unaffordability-1970-2022.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-11263\" src=\"https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/pop-growth-vs-housing-unaffordability-1970-2022.png\" alt=\"\" width=\"4225\" height=\"3272\" srcset=\"https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/pop-growth-vs-housing-unaffordability-1970-2022.png 4225w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/pop-growth-vs-housing-unaffordability-1970-2022-300x232.png 300w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/pop-growth-vs-housing-unaffordability-1970-2022-1024x793.png 1024w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/pop-growth-vs-housing-unaffordability-1970-2022-768x595.png 768w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/pop-growth-vs-housing-unaffordability-1970-2022-1536x1190.png 1536w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/pop-growth-vs-housing-unaffordability-1970-2022-2048x1586.png 2048w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/pop-growth-vs-housing-unaffordability-1970-2022-542x420.png 542w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/pop-growth-vs-housing-unaffordability-1970-2022-1085x840.png 1085w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/pop-growth-vs-housing-unaffordability-1970-2022-150x116.png 150w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/pop-growth-vs-housing-unaffordability-1970-2022-600x465.png 600w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/pop-growth-vs-housing-unaffordability-1970-2022-696x539.png 696w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/pop-growth-vs-housing-unaffordability-1970-2022-1392x1078.png 1392w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/pop-growth-vs-housing-unaffordability-1970-2022-1068x827.png 1068w, https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/pop-growth-vs-housing-unaffordability-1970-2022-1920x1487.png 1920w\" sizes=\"auto, (max-width: 4225px) 100vw, 4225px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">Methodology<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">To determine the housing affordability gap between generations in America, the RealtyHop team extensively reviewed the 1970 and 2022 <a href=\"https:\/\/www.census.gov\/\">U.S. Census<\/a> reports and calculated the housing multiple using the following data points:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">1970 Median Owner Home Value by City<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">1970 Median Families Income by City<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">2022 Median Owner Home Value by City<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">2022 Median Families Income by City<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">While median household income is often the most widely adopted measure when analyzing income levels, we utilized the median families income data, as the 1970\u00a0 median household income data was not released at a state level. Using median families income would ensure that we compare the income levels fairly. It\u2019s worth noting that family households are still the majority of households in the U.S. About two-thirds of all U.S. households in 2020 were family households, the same share as a decade earlier; married-couple households accounted for about 71% of these households.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For more information on our methodology or to contact our data team, please email press@realtyhop.com. You can also check out our Metro Generational Wealth Gap for more detailed coverage of how housing affordability has exacerbated in 50 of the largest metros in the U.S.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Full Data<\/span><\/h2>\n<div style=\"max-width: 1068px; width: 100%; height: auto;\"><iframe loading=\"lazy\" style=\"sroll: hidden;\" src=\"https:\/\/www.realtyhop.com\/blog\/wp-content\/uploads\/2024\/03\/generational-wealth-gap-by-city-full-data.html\" width=\"100%\" height=\"760\" frameborder=\"0\" data-mce-fragment=\"1\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/div>\n","protected":false},"excerpt":{"rendered":"<p>As home prices continue to rise, young people have felt the American dream of homeownership quickly slipping away. However, as millennials and Gen Zers voiced their frustrations, the previous generation pushed back, arguing that buying a home years ago was just as expensive. This exchange has sparked a generational clash, igniting tensions and passionate discussions [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":11260,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[2239,3],"tags":[7],"class_list":["post-11259","post","type-post","status-publish","format-standard","has-post-thumbnail","category-featured","category-market-trends-and-research","tag-housing-affordability"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Generational Wealth Gap: Is Housing Affordable for Young People in Your City? - RealtyHop Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realtyhop.com\/blog\/generational-housing-gap-by-city\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Generational Wealth Gap: Is Housing Affordable for Young People in Your City? - RealtyHop Blog\" \/>\n<meta property=\"og:description\" content=\"As home prices continue to rise, young people have felt the American dream of homeownership quickly slipping away. However, as millennials and Gen Zers voiced their frustrations, the previous generation pushed back, arguing that buying a home years ago was just as expensive. 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