PHOENIX -  

WHAT THE?
A study shows it will take millennials 13 years to save for a 20 percent down payment on a home. 

THE DOWNLOAD
ApartmentList surveyed about 24,000 millennial renters (born 1982-2004), and 53 percent said the biggest obstacle in buying a home is saving money for the down payment. Sixty-eight percent of millennials said they've saved less than $1,000 for a down payment, and nearly half haven't saved anything at all. ApartmenList broke down the 'expected amount' for a 20 percent down payment on the average condo in Phoenix ($22,050) to the actual amount ($27,440). The study says it would take 13.3 years for millennials to save up the money needed for a down payment on an average condo, See the full savings study including other factors slowing down millennials from saving money. 

WAIT ... THERE'S MORE
Nationally, only 15 percent of millennials aged 25 to 34 will save enough money
for ten percent of a down payment within the next year. 

 


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