(KCBS Radio) - Despite the promise of well-paying jobs, millennials appear to be losing confidence in their ability to buy a home in the Bay Area.
“This is the high-tech capital of the world,” said Patrick Carlisle with real estate brokerage firm Compass. “This is the place where millennials sometimes get jobs that pay $160,000 right out of college. This is the place where millennials actually become billionaires."
However, recent research has found that a lower number of millennials are making home purchases in the region.
“They are the first generation who has entered their home-buying years with this crushing burden of student debt,” Carlisle said. “That makes their ability to buy a home that much more challenging, or impossible.”
A recent survey by real estate web site Zumper suggested that Bay Area millennials no longer consider home ownership to be part of their American dream. Three out of ten millennials surveyed expect to move out of the region in the next year.
Bay Area renters are also more likely to live with roommates compared with other renters nationwide.