Konrad Putzier, a reporter at The Real Deal in New York City, tweeted this chart yesterday. It shows the plight of NYC’s millennials: 28.4% work in retail or hospitality – up from 21.9% in 2000 – but wages are down. Annual wages in retail or hospitality are less than $30,000 a year in one of the most expensive cities in the world. How can you save up for a home (or a NYC condo) on $30,000 a year? I wonder what the numbers would be for Dallas Millennials –certainly we would have far fewer well-paid workers in the financial industry. Still, Millennials have been escaping the pricey cities (once Mom and Dad stop supplementing) for places like Nashville, Dallas and Austin.
But now they find that even the most affordable cities are getting pricier.