Dear young people who are deep in the struggle of life as adults: Would you like to pay a little less to sleep in your bed at night? If your answer is "yes, a lot," perhaps you should consider shipping off to Missouri. The state is home to two of the cities where millennials are most likely to find rents they can actually afford, according to an analysis that Zillow conducted for Bloomberg.
We previously reported results showing that in 23 metro areas, less than half of all listings were affordable for young people. Here's much better news: There are six cities where millennials can pay the rent on the vast majority of homes listed.
In St. Louis and Kansas City, the vast majority of homes required millennials to pay no more than 30 percent of their household income on rent. Zillow came to that conclusion by consulting its database of rental listings in the top 50 largest cities in the country, and the U.S. Census's data on the median income for households headed by millennials.
In St. Louis, 85 percent of rental listings on Zillow were affordable given the median income for millennial-headed households (about $52,300). In Birmingham, it was just as easy to find homes that wouldn't be absurdly expensive. In Miami, the toughest place for millennials to rent in, just 8 percent of all rental homes were affordable for young people. In New York, a similarly depressing 20 percent were within reach for most of us.
South Beach, Fla., is really lovely, and so is Brooklyn, but it would probably also be nice to live in a place where you don't share your salary with your landlord.