The average Seattle millennial would have to save for 14.5 years, saving fifteen percent of everything they make to be able to afford a down payment on a home, says a new report by listing site Abodo.
That’s longer than many millennials have been legally able to work, and 15 percent is a whole lot to save when you’re among the half of Seattle renters spending more than 30 percent of their income on rent.
Seattle’s skyrocketing home prices—the fastest-growing in the country, according to multiple reports—is leaving many in the dust, including those 18 to 35.
Out of 137 metros analyzed in Abodo’s report, the Seattle-Tacoma-Bellevue metro ranked number 102 for percentage of millennials that own a home, with 29 percent. When they do manage to buy, the average millennial home value is $342,769, which is a pretty penny but lower than the metro’s median or average home value.
Compared to other large cities, Seattle ranked 30 out of 45—still pretty low.
Trying to move? At the top of the list was the Ogden-Clearfield, Utah area, with 51 percent, followed by The York-Hanover, Pennsylvania area. The best-ranking large city area was Minneapolis-St. Paul, at 42.4 percent, ranked 11th overall.
Even in the cities where homeownership rates are comparably higher, the story’s still pretty grim. In Minneapolis-St. Paul, it’ll still take the average millennial 10.2 years to save up for that house. Back in Ogden, the only majority-own metro for millennials—and it’s narrow—it still will take 11.4 years.
It gets a little worse: For that year estimate, they divided 20 percent of the average millennial-owned home value by 15 percent of the millennial median income. Those home values tend a little lower than median—and they’re for the entire metro. $350,000 homes in or near the city limits aren’t the easiest to come by.
Last month, half-billionaire Tim Gurner famously told an Australian news program that millennials are having trouble buying homes because of “buying smashed avocado for $19.” The report assumes a salary just above $30,000—how much avocado toast does he think millennials can afford?