What your millennial might be crying about today.
It’s not because someone has left a hurtful comment on their latest selfie, or because their skinny jeans don’t fit anymore, but many millennials these days are having legitimate concern over their future, and where their future will take place geographically.
It’s no surprise that cities with most economic prospect draw residents from all over the country. You’re going to go where the jobs are, and where the money is. Young couples looking to buy a home, raise children and achieve the American Dream are facing a broad dilemma in California. Macro-economics teaches us that the cities with the least affordable housing often have the best social mobility. Inversely, cities with the most affordable housing have the worst social mobility. California is home to six of the seven least affordable housing markets, though has four of the 11 best cities for upward mobility and job opportunity, including Southern California, according to Kolko’s affordability metric. (Kolko/Chetty 2015)
High-income metros often have greater influence over planning commissions, and rightfully so at times. The coastal communities, for example, often deter and vote against new construction, as opposed to lower income metros. The unique thing about Southern California, is that may of these high-income metros and low-income metros, seem to live in symbiosis. The best advice to give your millennial seeking the American Dream? Uh, we’ll let you know when we find it. Until then, we’re open to suggestions.