According to San Francisco based Apartment List, it would take approximately 15 years for a typical
millennial with a college degree with no student loan to be able to afford a 20% down payment on a
starter home located in Denver.
The national average is 5.3 years, however if millennials intend to purchase homes in Denver, it would
take them nearly three times the national average to save for a down payment.
Throughout the country, there are only five cities that would take more than six years of saving money
to afford a down payment. These cities are San Francisco, Denver, Los Angeles, Seattle and Phoenix.
One surprising revelation of the survey is that it would take millennials with student loans less time to
acquire the down payment. It would only take 11.6 years to save up for the amount. The survey reveals
that nationally, millennials with student loan earn an average of $65,600 annually whereas millennials
without student debt earn $60,500 per year.
If you thought 15 years is bad, it will take 24 years of saving for millennials without a college degree to
be able to afford a 20% down payment.
Andrew Woo, the Director of Data Science at Apartment List advises millennials to re-evaluate their
plans for homeowner ships. Millennial could delay home ownership so they have more time to save up
or look for a home with a down payment lesser than 20%.