San Francisco’ s Millennials Are the Nation’s Highest Taxed


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SAN FRANCISCO MILLENNIALS FACE HIGHEST TAX BURDEN IN U.S.
Bay Area millennials are already pessimistic about their housing options over the next few years, so news that they fork over more in taxes than their counterparts in any other area of the country is unlikely to come as any consolation.

In a recent analysis, SmartAsset found that although millennial workers in San Francisco earn the second-highest median annual wages in the country — almost $60,000 — they also have the highest effective tax rate, at 26.84 percent. The average San Francisco millennial pays just over $16,000 in taxes, including federal, state, and local fees. San Jose millennials have an effective tax rate of 22.91 percent, shelling out nearly $12,000 each year, 11thhighest in the U.S.

As SmartAsset points out, one key difference between millennials and previous generations is that the barrier to homeownership is greater than in the past. In 1980, 44 percent of adults under 35 owned a home, compared with 35 percent today.

 

Source: Pacific Union

(Photo: Flickr/Phillip Ingham)