Will Pricey Housing Force Millennials to Leave San Francisco? – NMP Skip to main content

Will Pricey Housing Force Millennials to Leave San Francisco?

Oct 08, 2015
San Francisco Housing

The expensive cost of housing in the San Francisco metropolitan area may contribute to the loss of Millennials that perceive they cannot afford to live in this market, according to the new “Bay Area in 2015” report issued by the Urban Land Institute (ULI).

The report determined that 74 percent of Millennials now residing in this market are considering moving over the next five years – and with record high housing prices becoming commonplace, the report added, the Millennials would sooner move away completely than relocate to another corner of the market. Only 24 percent of Millennials surveyed for the report expressed confidence that will be able to own or rent their desired home in five years. In comparison, 38 percent of the Generation X demographic and 49 percent of Baby Boomers felt confident about their housing options for the next five years.

Currently, 34 percent of Millennials currently live in San Francisco region apartments—compared to 21 percent of Gen Xers and 11 percent of Baby Boomers—and an equal percentage of Millennials expect to be living in apartments in the near future, versus 11 percent of Gen Xers and eight percent of Baby Boomers.

“Millennials make up the largest, most diverse generation in our history, and they will have an enormous impact on the success of our cities. San Francisco needs to consider the how declining housing affordability is affecting the high quality of life it is seeking to provide for all residents, including this powerful group,” said ULI Global Chief Executive Officer Patrick L. Phillips. “This means placing a strong emphasis on providing housing for a mix of incomes and generations, and by investing in development patterns to further reduce automobile dependence and promote health and wellness.”

Bay Area in 2015” is based on a survey of 701 adults in the Greater San Francisco Bay area that was conducted during February.

About the author
Published
Oct 08, 2015
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Jul 02, 2026
NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Jul 02, 2026
President Trump Cancels 21st Century ROAD To Housing Act

Trump cancels signing the bipartisan housing bill, leaving affordability package in limbo

Jun 24, 2026
Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Jun 18, 2026
Fed Holds Rates Steady, But Outlook Dims For Mortgage Rate Relief

The Federal Reserve left rates unchanged but updated projections show more policymakers expecting additional hikes

Jun 18, 2026
Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

Jun 17, 2026