But not all buyers are facing an uphill battle to put some roots down.
Iowa is the easiest state in the country for first-time buyers, according to the report, thanks to its affordable home prices and strong job market for Millennials.
"Young people are able to buy there," said Bell. "It has a relatively strong job market with relatively low unemployment and strong credit availability."
Millennials looking to buy their first home might also consider settling down in Utah, Minnesota, Kansas and Missouri, which followed Iowa as the easiest states for first-time buyers.
"First-time buyers should cast a wide net when looking," suggested Bell.
"They may want to consider buying a little smaller or farther away from their job than they would have liked. Then, once you build up equity, it can become easier to build up a down payment for a home you like."
We are a full service real estate brokerage with over 100 agents to serve you. Let us be your real estate resource. Regardless whether you need to buy or sell now, or sometime in the future, let us help you. We are no pressure and will always try and help. Contact us at 561-792-3948 now.
"Margarita Zhemukhova very quickly found us the property we were looking for at a price we could afford. In working with her we found her to be always available to meet, very prompt in returning e-mails and phone calls (within minutes), pro-active in altering us to the next steps in closing and a pleasure to work with. I would definitely use her again and recommend her to anyone needing real estate services.