By Clare Trapasso | realtor.com
Most millennials dream of becoming homeowners one day. But a recent report shows that a majority of them haven’t saved anywhere near the amount necessary for a down payment, putting their homeownership dreams far into the future—and possibly out of reach.
About 80% of the younger generation hope to buy a home, according to the study from rental website Apartment List. But 36% of these wannabe homeowners plan to wait more than five years to take the plunge into homeownership.
That’s because home prices keep rising and most millennials simply don’t have the money for an onerous down payment. More than two-thirds of respondents don’t even have $1,000 in down payment savings.
