By Michael P. MoynihanPublished Nov. 16, 2017 11:50 p.m.
As millennials age and the economy picks up, cities are getting pricier.
The cost of living in 10 of the 10 most-expensive cities for a first-time homebuyer is higher than the national average.
And the price of a median-priced home in the 10 priciest cities rose more than 25 percent in 2017 compared with 2016, according to data from Zillow.
The cities with the highest price increases are in New York ($25,818), Miami ($23,849), Boston ($21,845), San Francisco ($21.1 million), Chicago ($19,622), Los Angeles ($18,837), and San Diego ($17,074).
While many millennials are moving to the suburbs and cities outside of New York, the city’s median home price is still the second-highest in the country, according a Zillovision report released Tuesday.
The median home value for a home in New Jersey was $328,000 in 2017, a 13 percent increase from 2016.
New York is home to more than a million millennials, who are expected to spend an average of $60,000 per year moving to their homes, according the U.S. Census Bureau.
That is nearly double the $28,000 average annual income of millennials.
New York City’s median property tax bill in 2017 was $1,895, according Zillot.
Its median mortgage payment was $4,865, according Mortgage.com.
The affordability gapBetween the cost of housing and other necessities, millennials are increasingly finding themselves in an increasingly expensive place to live.
The average cost of a home is more than $700,000, according ToTheFuture.com, with more than half of all homebuyers buying in 2017 paying more than the median price, according.
In fact, millennials made up more than 70 percent of all property buyers in 2017.
In some cities, the price is going up even faster than in other places.
The priciest city for first-timers is in the Bay Area, where median home prices in the San Francisco area rose an average 22.9 percent in the first three months of 2017, according RentHop.
The median home for first time buyers in the city is $1.7 million, according ZipRecruiter.
San Francisco’s median price for a two-bedroom home was $924,000.
San Francisco also has the highest cost of healthcare, according data from the Kaiser Family Foundation.
Median healthcare costs were $26,715 in 2017 for a family of four, up from $26.4 in 2016, a 16.7 percent increase.
The cost of child care was also higher in 2017 than it was in 2016.
The most affordable cities for first home buyers are in Los Angeles, New York City, Chicago, Boston, and Washington, D.C., according to Zillowitz.
In Chicago, the median home cost for first times is $2,836, according U.K. property website Realtor.com; a median price of $1 million for a one-bedroom is the highest in the U, according Brickspace.
New Yorkers are paying the most for a $1-million home in D.N.Y., according a survey from Real Estate.com and Zillower.
Chicago has the third-highest median home taxes in the nation, according Realtors.
New Yorkers are the most likely to own a home, according Gallup.
In the last decade, about three-quarters of households headed by first-home buyers are homeowners, according Census Bureau data.
Millennials who were born in the 1970s are buying homes at record rates.
In 2017, the number of first- time home buyers was up by more than 6 percent, according US Census Bureau figures.
Millenials are not the only ones who are moving from the suburbs to cities outside New York.
A study from Zillerist, a real estate firm, found that median prices in 10 cities outside the city increased by 15.7% in 2017 over the previous year.
In New York and Los Angeles alone, there were more than 1.1 billion millennials living outside the metro area in 2017 — a rate that’s up from 1.04 billion in 2016 and 1.01 billion in 2015.
Millennial home prices are up nearly 7 percent in five cities: New York (up 17.7%), San Francisco (up 16.2%), Boston (up 11.6%), Seattle (up 10.2%) and Chicago (up 9.6%).
New York saw the largest price increases, with median prices up 18.2 percent, followed by San Francisco and Los Angles.
In Boston, median prices increased 14.6 percent.
“Millennia-old families are looking to move from the city to the country.
The millennial boom is here and they want to live here,”