With most millennials having saved virtually nothing for a down payment on a home “many will face steep obstacles to home ownership in the years ahead. According to recent data, millennials aren’t saving enough to buy a house.
A new study from Apartment List confirms the underlying problem: nearly 70% of millennials aren’t saving enough to buy a house. Those aged 18 to 34 years old, said they have saved less than $1,000 for a down payment.
The culprit appears to be the inability, or unwillingness, of America’s youth to save. According to Apartment List, even senior members of the age group are falling short.
Nearly 40% of older millennials, those age 25 to 34 said they are saving nothing for a down payment each month. Historically, this is the prime age range for young adults to be purchasing a home if not already owning one.
What’s more, some 80% of millennials said they eventually plan to buy a home. However, 72% said the primary obstacle is that they simply can’t afford it.
For those who don’t have much left to save after paying for all the costs of living in an expensive city, maybe it’s time to find out if another city could create better financial conditions. Download the City Vs City cost of living calculator to see which ones might fit the bill.
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