We’ve seen that Millennials want to buy; now the 2019 Millennials & Homeownership Report states that nationwide only 25 percent of Millennials who are currently renting will be able to come up with a 10 percent downpayment in the next five years.
Student debt is cited as a major factor in preventing homeownership. If those obligations were dismissed it is estimated that 38 percent of Millennials would be able to purchase a home.
Of course, in the Bay Area, affordability is also a prime factor with only 21 percent of Millennials able to buy in the next five years.
Leave a Reply