The National Association of Realtors computes an affordability index by comparing the median home price to the median family income. That way, it gauges whether a typical family can qualify for a mortgage loan in a particular region.
Although housing is affordable for millennials by this aggregate measure, it's lower than for the rest of the population whose work experience means that their incomes are likely higher.
The big obstacle for young people is making a down payment, which the NAR assumes as 20%, Meyer said.