Down Payments Are Stopping Some Millennials from Home Purchases

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Down Payments Are Stopping Some Millennials from Home Purchases

Sep, 23rd 2016

Millennials, especially those without a college education, are finding that they can't afford to buy a home despite low interest rates. Apartment List, in a survey of 31,000 renters across the nation, found 79 percent of millennials -- people aged 20 to 36 -- want to eventually purchase a home. Yet 77 percent said they can't afford one.

It's especially difficult on the West Coast where more than 80 percent of millennials in Portland, Seattle, San Francisco, Los Angeles and San Diego say they cannot afford to buy. The biggest hurdle is the down payment.

Younger college graduates without student debt will need about five years of additional savings to afford a 20 percent down payment for a starter home. College grads with student...

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