SmartAsset, the aptly named online real estate site, performed analytical pyrotechnics to develop a calculator that figures out how much home (in square footage) a median-wage earning millennial can afford to pay for in various metros.
Here's what SmartAsset says it's done in order to calculate how much house (square footage) a millennial can afford in the 23 respective markets it's looked at.
SmartAsset gathered data on the median income and median net worth for Americans under the age of 35.
For each of the largest 23 cities in the country, we used our home affordability calculator to determine an affordability threshold for a typical millennial. Lastly, we applied the average price per square foot of real estate in each city to determine how large a home each value represents.
It's not exactly how markets work, given all the doubling-up and other "coping" behavior people do to manage paying their rents and mortgages. But it's fun.