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