- Only 13% of millennial renters in the US can afford a standard 20% down payment on a median-priced home in the next five years, according to a new Apartment List survey .
- Apartment List broke down the percentage of millennial renters who can afford to buy a house in 16 of the biggest US metro areas.
- In three California metro areas, less than 10% of millennial renters could put down 20% if buying a house in five years.
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How many millennials can actually afford to buy a home in 16 of the biggest US metro areas
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The median home price in Atlanta, Georgia, is $238,100.
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Homeownership is looking ever more like a pipe dream for millennials.
Only 13% of millennial renters in the US can afford a standard 20% down payment on a median-priced home in the next five years, according to a new Apartment List survey . The survey polled over 10,000 millennials, defined as those ages 23 to 38. For a 10% down payment, that jumps to 25%; for a 5% down payment, it's 39%.
But those numbers vary depending on where you're buying a home. Apartment List broke down the percentage of millennial renters who can afford a 20%, 10%, and 5% down payment within the next five years in 16 of the biggest US metro areas.
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To estimate how long it would take each renter to save, Apartment List compared millennials' current savings levels, (adjusted for inflation and wage growth) against median metro-level condo prices from the National Association of Realtors (adjusted for historical home price appreciation).
Turns out, California is a hard place to save for a home. Only 7% of millennial renters in San Francisco can afford a 20% down payment in five years and they don't fare much better in Los Angeles or San Diego.
Here's where else millennial renters are struggling to save for a home purchase. Note that all median home prices provided are from National Association of Realtors .
See Also:
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- Student-loan debt and skyrocketing housing prices have become so bad that more millennials are planning to rent forever
- Trump's childhood home in New York City isn't selling. Take a look inside the 5-bedroom house that was listed for $2.9 million earlier this year and just failed to sell at auction.
- More millennials are preparing to rent for the rest of their lives, and down payment saving is the biggest barrier
SEE ALSO: Student-loan debt and skyrocketing housing prices have become so bad that more millennials are planning to rent forever
DON'T MISS: 8 ways American millennials are changing homeownership, from moving to commuter towns to wiping out the starter home
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