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It Could Take Years for Big-City Millennials to Save for a Down Payment.

Source: Bloomberg

Millennials are looking forward to buying a home, but many have grossly underestimated just how much they’ll need for that all-important down payment. Millennials in about half of large metropolitan areas are underestimating how much they’ll need for a down payment on their first home and are not saving at a fast enough pace, according to a new report. Surveyed millennials reported current savings at $14,469, monthly savings of $360, and help from outside sources of $8,264, on average. At that pace, it’ll take them nearly 28 years to save enough money for a down payment, even though 37 percent of millennials said they’re planning to buy between three and five years from now.

Existing Homes For Sale As Prices in 20 U.S. Cities Rise At A Faster Pace

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