A recent study by MoneyWise detailed the metros that were the most unaffordable for millennials , and it found Oxnard-Thousand Oaks, California, to be the most unaffordable market for millennials.
The report finds that millennials can afford just 2% of the homes listed in the metro, including nearby Ventura, as the average selling price of a home is $522,000. An average millennial in Oxnard-Thousand Oaks earns a median income of $69,900 annually.
You don’t have to travel too far to find the second most unaffordable market in the nation as that distinction belongs to San Diego, California. Millennials are able to afford 3% of listed homes in the area and the average home sells for $655,000. Millennials also make less per year in San Diego, bringing in $65,500.
Three other California markets—Los Angeles, Sacramento, and Stockton-Lodi—also made the top 10, coming in at No. 3, 5, and 8, respectively.
Near the bottom of the list and among the most affordable markets for millennials was Jacksonville, Florida. The average home in Jacksonville sells for $255,000 and millennials can afford 19% of the homes on the market.
Also included on the more affordable side was Charleston, South Carolina; Albuquerque, New Mexico; Las Vegas, Nevada; El Paso, Texas; and Bakersfield, California.
For many millennials money continues to be the leading barrier to homeownership, according to a recent survey by Bankrate. 
The survey found that 45% of millennials (ages 23-38) cited cost of living as holding them back from buying a home. This number falls to 38% for Gen Xers and 31% for baby boomers. Student debt, which currently stands at $1.6 trillion, is impacting millennials disproportionately, as 23% cite student debt as a barrier. Just 15% of Gen Xers agree.
Millennials are the most likely to save their own down payment money at 53%, but they need a full three years to accomplish that. Gen Xers reported needing two years and nine months, while it took baby boomers two years and six months.