Millennials Underestimate Down Payment Needs
The pandemic is motivating more millennials to feel like they’re finally ready to buy a home. But do they have the savings to do it?
Seventy-four percent of millennials—ages 25 to 40—recently surveyed by Point2Homes say they are interested in purchasing a home in the next 12 months. However, 88% say they have significantly less savings than the average national down payment amount, which is $62,600, according to the study. Fourteen percent of millennials surveyed admit they have nothing saved up for a home.