By Ann Brown
It’s no wonder so many millennials are still living at home with their parents. A new study by Apartment List, found that millennials face lots of obstacles in owning their own homes. In fact, the study found that at current savings rates, two-thirds of millennials will need over 20 years to save a 20% down payment in their city.
One of the reasons is the high student loan debt held by many millennials. “On average, college-educated, debt-free millennials have nearly three times the down payment savings as those with debt,” Fox 42 KPTM reported. “In five years, nearly twice as many debt-free millennials will be able to afford a 20 percent down payment on a median-priced starter home.”
And it’s not that millennials don’t have dreams of home ownership. They want to buy and set up their own homes. But they have not made financial plans to do so. “Nine out of ten millennial renters want to purchase a home, but few plans to do so in the near term. Of those who say that they plan to purchase a home, just 4.9 percent say that they will do so Click here to read entire article