Summary: More than a third of Bay Area apartment renters and a quarter of residents in their 20s and 30s say they are struggling to afford their housing. Furthermore, while 80 percent of millennials dream of home ownership, few are actually saving enough. Apartment List’s chief economist Chris Salviati says that it would take the average millennial with college debt 27 years to save up for a down payment in the San Francisco metro area. Moreover, between 2015 and 2017, average rent in Oakland, San Francisco and San Jose rose by 40 percent. Many millennials have to share an apartment with roommates to afford the high costs, and still have to cut back on other expenses like eating out or traveling. They are also more likely to be burdened with student loans, making it more difficult to save for home ownership. However, while California has the nation’s highest rates for poverty and income inequality, we’re safer, better educated, and more diverse than we used to be.
Questions:
Do you think it’s worth it for millennials to stay in the Bay Area?
Would you pay the costs of living in the Bay Area or would you rather move to a cheaper area?
Link: https://www.mercurynews.com/2018/02/18/the-california-dream-is-tough-to-afford-if-youre-under-40/
12 comments:
In regards to the first question, I think that it could be worth living in the Bay Area for a millennial. They might not be able to afford a house on their own; however, they always have the option of rooming with other people. Furthermore, there are a lot of jobs in the Bay Area, so living in the Bay Area will save a millennial transportation costs and their sanity(there is so much traffic these days!) I personally love the Bay Area and have lived here all my life; however, I really do not think that I could afford to live here immediately once I am out of college. I would probably live somewhere where the housing costs are cheaper, or maybe even live with my parents, until I get a job and start getting paid. After saving up enough money to buy a house, I would definitely consider living in the Bay Area because it is such a wonderful place, whether it be the diversity, weather, or opportunities. Furthermore, a house in the Bay Area is such a great asset which way down in the future, I could sell or rent if needed.
While the job prices are expensive to live in the Bay Area, I think the job opportunities and high minimum wage jobs outweigh the cons.
Emily brought up a good point about sharing housing. There are options to live in the bay area at a low cost such as splitting up housing rent costs. Personally while I would love to live in the bay area I think answering your second question would really depend on the situation was in. If I am able to find a high paying job with a fair rent price I would definitely live here. However, if I struggle to find a well paying job then it would be impossible to leave here. It is all about what situation I end up being in.
I think it's worth it to stay in the Bay Area because the diversity and atmosphere is something that is hard to find elsewhere. I grew up here and I would be willing to pay for the costs of living in the Bay Area because it is my home, but I would also be interested in exploring other diverse urban areas such as New York. If I am unable to afford living in the Bay Area and I am constantly struggling to make ends meet, I would consider moving to a cheaper area but I would want my kids to go to a nicer neighborhood and receive a better education.
I definitely believe it is worth it to live in the Bay Area. There is a diversity in people, jobs, and food that make for a great environment altogether. You can also choose to live in the city or a more quiet town, and both settings are easily accessible. Many things could be found within the Bay Area, very much within reach. If I could afford to live here in the future with the rate prices are rising, I would choose to live here. I share Michelle's thought of wanting my kids to live in a nicer place with the best education possible. Although I could probably buy a huge house on a huge plot of land in Nebraska, I would trade that huge house for a smaller house or apartment in the Bay Area in a heartbeat. There is something special about the Bay Area, and I would do my best to make that future possible.
I think it is difficult to conclude whether it is worth staying in the bay area or not. I personally have fallen in love with the Bay Area and California as a whole however I have also learned how incredibly difficult it is to live comfortably here. I think living in the Bay Area would be considered "worth the price" to a software engineer because there is lucrative work and networking to be done in the Bay Area. On the other hand, it could be considered "not worth the price" to a retired couple living on social security. There will always be people that are willing to sacrifice to stay in the Bay Area, and there will always people that look to start their lives elsewhere because they value financial stability over living in the Bay Area.
I definitely consider living in the Bay Area when I'm older. Like everyone else has said, the Bay is an incredible place with a multitude of opportunities, friendly people and a safe and welcoming environment. However, I get the feeling if prices continue to increase, the Bay will become a place of older, wealthier couples, and less families with little kids or young adults because they can't afford it. This may be looking at this issue to an extreme, but as much as I love the Bay, I do believe there are other "gems" of cities out there that are much cheaper and just as great. I think it would be unfortunate if the Bay Area began to change completely to the upper class and lose its lovely familial appeal.
I agree with Giorgio because it is hard to decide now where we want to be in the future considering that it all depends on where we stand financially after college, and how everything will play out in a few years. It is hard to tell now, but growing up here has been really cool since it is more diverse than most cities, and I would want my future family to be in this environment.
There is no way that I will be able to live in the Bay Area as a young adult. Perhaps when I'm significantly older, but I can't see myself affording it when I'm in my twenties. The Bay Area is one of the most expensive places to live in the entire country, and prices are only going to increase. I wish that I could, because I absolutely love both the physical and cultural climate, but I doubt that it will be possible.
The cost of living in the bay area is a really disappointing because I think it is one of the best places to live. The culture and climate are great but unfortunately everyone else has realized that and all want to live here too. I would love to live here but may have to wait until I am older to buy a house due to the cost. It will be interesting to see how the struggle to find housing for younger people will affect the bay area in the long run. I am wondering if families will have to move out or if only people in higher classes will be able to live here.
The cost of living reflects the demand. Higher housing prices are due to the demand for weather, jobs, communities, educational services, and more that the Bay Area offers. It makes sense to have to pay more to live here. Personally, I will be working my ass off to maintain the privilege to live in such an amazing location, and to provide my kids the same great community one day as well.
I agree that the bay area is a very nice place to live, however, I think that the people who have answered above are a little biased. Having lived in 3 different states and having lived on both coasts, I think that the price of living in the Bay Area is a little unreasonable, especially for younger people. I personally have gotten just as great an education in Virginia and Kentucky as I have in Bay Area and I think that you can find a great, diverse atmosphere in places other than the Bay Area (although maybe not the midwest). While I would like to stay in California when I grow up, I don't think that I will feel restricted to staying in the Bay Area, especially if I have to struggle to afford it.
Taking everything into consideration I think its worth it to stay in the Bay Area. While the cost of living is very high compared to other places, the experience one can have here with the large diversity and atmosphere is very valuable as well. The variety of cultures all in one place is very hard to find anywhere else and it allows you to meet incredible people and have unique experiences you wouldn't be able to have anywhere else. As for myself I would work as many jobs as I'd have to in order to stay in this area because anywhere else would never match up to it.
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