ML-Implode News - Missing for millennials: Down payment savings

Surveys show that most Americans under 35 lack adequate savings for down payments. The result is that many will likely be forced to delay home ownership and to absorb significant debt loads if they do eventually buy. Steadily rising home values in recent years have eclipsed pay increases, making it especially difficult to buy in major growth areas for jobs, such as San Francisco, Denver and Seattle.
Nationally, 37 percent of millennial renters have saved nothing at all for a down payment, according to a survey of 30,000 renters being released Wednesday by Apartment List, a company specializing in rental home searches. At the same time, 79 percent of millennial renters say they aspire to own a home, illustrating a troublesome gap between expectations and financial realities.

Even those diligent enough to set aside money are still short the cash to buy a home. Among larger metro areas, millennial renters who are saving have put aside an average of just $5,830. This marks less than one-fifth the savings needed for the typical 20 percent down payment on a starter home costing $175,000.

Obviously the "solution" is just to get rid of down payments (again)!

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Missing for millennials: Down payment savings