How much home can Millennials afford in Chicago? What about in Detroit?
Financial Web site SmartAsset considered this question and came up with some interesting answers. According to the site, the average Chicago Millennial can afford a home costing $148,000. In Chicago, that money won’t buy a lot of living space: 937 square feet.
In Detroit, typical Millennials can afford to spend $125,000 on a home. But that money will give these young adults a lot more living space, with the average $125,000 home in Detroit boasting 3,205 square feet.
In Indianapolis, the average Millennial can afford a home costing $105,000, which will typically bring 1,522 square feet of living space, and in Columbus, Ohio, the typical Millennial can afford a home with a price tag of $111,000. That sales price comes out to an average of 1,405 square feet.
Millennials in the Midwest are actually far better off than they are on the coasts. In New York City, for example, the average Millennial can only afford a home costing $68,500, which will give them just 165 square feet of living space. And in Los Angeles, the average Millennial can buy a home worth $111,000, which will give them just 297 square feet of living space.