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Millenials Underestimate Down Payment Needs


The pandemic is motivating more millennials to feel like they’re finally ready to buy a home. But do they have the savings to do it? Seventy-four percent of millennials—ages 25 to 40—recently surveyed by Point2Homes say they are interested in purchasing a home in the next 12 months. However, 88% say they have significantly less savings than the average national down payment amount, which is $62,600, according to the study. Fourteen percent of millennials surveyed admit they have nothing saved up for a home. Certainly, down payment programs exist for those in need of help. But whether these programs will be sufficient for home shoppers whose savings are so tight is doubtful, financial experts say. Down payments of 0% and 5% are possible with a home purchase, but they tend to come at higher costs.  For more information, go to:

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