millennial average net worth
A study conducted by Robert Farrington, founder and editor of The College Investor, a personal finance site, claims that the average US millennial's net worth is about â$17,612, indicating that Americans between 18 and 30 owe $17,612 more than they have in their assets (including cash and property).
The median income for millennials in the LA area is $33,667, according to the U.S. Census Bureau. Applying the HUD-recommended ceiling for debt payments of 36%, that implies the typical millennial in Los Angeles could afford a maximum monthly mortgage payment of $1,010. In Los Angeles, where a three bedroom house costs nearly $800,000 on average, that payment does not go very far.