Way back in June of last year, we showed you 13 cities where millennials have no hope of affording a home. They included Seattle, Boston, New York, Washington DC, San Jose, San Diego, San Francisco, and Los Angeles.
‘The bad news is that the areas that often most appeal to young adults are also the ones where homeownership is the most out of reach,’ Bloomberg remarked at the time before quoting one 28-year-old with a graduate degree as saying the following: ‘I’m making a good salary and I’m doing all these things that I’m supposed to be doing. But you’re just not able to save enough to get to that number. Housing is so inflated.’
Yes, ‘housing is so inflated’ in certain areas not the least of which is Vancouver where prices have gone full-retard. As we wrote early last month, ‘residential property sales in Greater Vancouver rose 31.7% in January, 46% above the 10-year sales average for the first month of the year and the second highest January ever according to the Greater Vancouver Real Estate Board.’
This post was published at Zero Hedge on 03/15/2016.
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