American Dream of Homeownership Being Delayed

Buying

The American Dream of Homeownership is being delayed by many millennials according to the latest 2018 Report on Millennials from Apartment List. The majority are not prepared to purchase a home this year, and will remain renters until they are qualified to move forward.

*89.4% of millennial renters say that they plan to purchase a home at some point in the future, but just 4.4% expect to do so within the next year, while 30.4% percent say that they won’t buy for at least five years.


*Of those millennial renters who plan to purchase a home, 48% have zero down payment savings, while just 11% have saved $10,000 or more.


*We estimate that 67% of prospective millennial homebuyers will need more than two decades to save a 20% down payment on the median priced condo in their area, while just 11% can save a down payment within the next five years.

Photo imaged provided by Apartment List.