California Millennials Need Two Decades to Amass Down Payment

California Millennials Need Two Decades to Amass Down Payment

High housing costs can delay homeownership for California millennials for more than 20 years, and to complicate the situation, their expectations about the down-payment size are not exactly aligned with reality.

• More than half of millennials say that the down payment is the biggest obstacle to homeownership, yet more than two-thirds have less than $1,000 saved.
• It will take the average millennial in San Jose almost 24 years to save a 20 percent down payment, the longest in the U.S.
• Bay Area millennials underestimate the actual down payment size by about $80,000.

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