Dec 3 2017 43219 1 MILLENNIALS

Dec 3 2017 43219 1 MILLENNIALS

Millennials find down payments the biggest barrier to homeownership

NerdWallet study also finds confusion about how much money is required

Millennials, like other generations before them, typically want to buy a home and plan to do so, according to a study by personal finance site NerdWallet.

Even though millennials as a group are thought to be burdened by crushing student loan debt, the study found a greater percentage of them plan to purchase a home than gen X and baby boomer consumers.

The biggest obstacle millennials face is saving for a down payment, but the study suggests a lack of information about down payments and the mortgage process may also be holding them back.

“The study shows that there’s a good deal of disagreement about how much you need to save for a down payment,” said Tim Manni, a mortgage expert at NerdWallet.

Manni says the confusion is understandable, considering how many loan options there are. While the traditional down payment is 20 percent of the purchase price, first-time buyers usually put down much less. READ MORE

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