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Millennial mortgage problem: Down payments and expensive cities

Contrary to popular opinion, which says Millennials are city-worshipping vagrants, 80% of respondents said they plan to buy a house or apartment. And when it comes to the reality of home mortgages, most Millennials probably aren’t going to like what they see. Apartment List determined how long it would take the average respondent to save for a 20% down payment based on how much they’ve already saved, how much help they anticipate receiving, and how much they’re saving each month. Based on those factors, Apartment List says it will take Millennials between five and 23 years to save up enough money to afford a condo in 31 popular cities. At this rate, Millennials in 16 cities will have to wait more than a decade before they can afford a down payment — and in three cities, they’ll have to wait more than 20 years! FHA loans: With the backing of the Federal Housing Authority, first-time homebuyers with credit scores of 580 or above might be able to put as little as 3.5% down. To see what’s available in your area, search for “down payment assistance” or “first-time homebuyer grants” in your state.