Study: SF millennials are likely to have jobs but not own homes

What do Millennials do when they visit San Francisco? What do Millennials do when they visit San Francisco? Photo: Sam Wolson, Special To The Chronicle Photo: Sam Wolson, Special To The Chronicle Image 1 of / 33 Caption Close Study: SF millennials are likely to have jobs but not own homes 1 / 33 Back to Gallery

It's no secret that the tech boom has lured educated young people to the shores of San Francisco with the promise of buses and benefits. While employment opportunities abound within the tech industry, the housing sector looks dismal, especially for buyers.

A new study from real estate site Trulia titled "Grandpa was a Millennial" found that San Francisco and Cap Coral, Fla. are the only metro areas in the country that have lower unemployment rates for older Millennials (ages 28-32) than Gen Xers (ages 33-55).

Everything sounds peachy on the West Coast, but there's a catch. While Millennials in this city are likely to be employed, they aren't likely to own homes. According to the study, San Franciscan Millennials are 46.9 percent as likely to own a home as their older counterparts – the largest disparity in any US metro area.

Despite high-paying salaries and a promising job market, even the young and affluent struggle to set roots down in arguably one of the priciest housing markets in the world. To put things in perspective, Redfin reports that the average sales price in San Francisco is currently $1.25 million, while a new report from the U.S. Department of Housing and Urban Development considers a household income of $105,350 as "low income" in San Francisco, Marin and San Mateo counties.

See also: San Francisco has the highest rental prices in the world, says study

The data may help explain a recent study by rental site Abodo that found nearly one in three Bay Area Millennials live with their parents. Adobo found that while only 9.2 percent of Millennials in the region were unemployed, 31.5 percent lived with mom and pop.

Related video: Millennials want jobs and education, not marriage and kids

While the Trulia study doesn't dispute Adobo's findings, it does caution jumping to grand conclusions about Millennial behavior, especially when it comes to living at home or gaps in pay.

By looking beyond the raw data and instead analyzing how Millennials fare compared to older adults, Trulia found that the "gap in success" has remained relatively stable for the past century. In fact, Baby Boomers were more likely to live with their parents than today's youngsters.

According to the study, "When members of any generation become young adults, they struggle in the same way young adults struggle today."

One major point of divergence, however, was homeownership. Millennials (28-33) own homes at only 61.9 percent the rate of Gen Xers – the lowest rate of homeownership since 1975. Trulia chalks this up to young adults increasingly putting of purchasing a home, just as they delay marriage and becoming parents.

When you compound a general trend of not purchasing homes with an expensive market, it becomes clear why Millennials in San Francisco aren't buying property.

So where are Millennials "#winning at adulting"? Trulia says Philadelphia is the top spot. Millennials in Pennsylvania's largest city are more likely to have jobs, make more money and own homes than their older peers.

Read Michelle Robertson’s latest stories and send her news tips at mrobertson@sfchronicle.com.