Millennials – those in their 20’s and 30’s – looking to buy in the San Jose metro area (including Santa Clara and San Benito counties) are faced with the prospect of coming up with an average down payment of – $148,100 (!) according to a recent report by Lending Tree. Things don’t get much easier for those in the San Francisco metro area (including San Mateo, Alameda, and Contra Costa counties) as the median down payment is a whopping $139,100!
By contrast, the next two highest metro areas are Los Angeles and San Diego with millennial down payments of $81,400 and $67,600, respectively.
Somewhat surprisingly, many millennials are still able to buy. The same Lending Tree report states that 55.8 percent of those requesting a mortgage from the company were from people between 23 and 38.