The American Dream, the pinnacle of every individual living in these United States hopes to achieve while living here. Although, what is it?
Is it a large home with a white picket fence and a beautiful family? Is that what millennials think the American Dream is?
Well, if homeownership is your goal and you’re a millennial, for the sake of your future I hope you are saving money to get there. And yes, that means no more avocado toast and fancy brunches with your lasses and lads. (sigh).
According to a survey released by Apartment List, millennials will need to wait almost 19 years just to save enough for a down payment, let alone own a home. Let that sink in.
So why the big fuss now and why do you need to save? Well, considering the rising costs of homes and the need for at least 20% down payment for a home, you are going to need to save cash for a long while to live in the home of your dreams.
Apartment List Breakdown Shows Millennial Expectations vs. Reality:
The facts and figures are there and the results of the survey are staggering yet unsurprising. Home ownership has been often named the long-term goal for the millennial generation.
Unfortunately, out of the 80% of millennials that want to own a home, only 72% cannot even afford it.
Check out this CNN Money breakdown of how long it will take for millennials to save for a down payment.
CNN Money Reports: Time To Save For a Down Payment
• Miami: 6.3 years
• New York City: 8.3 years
• Dallas: 9.3 years
• Houston: 10.8 years
• Washington, D.C.: 11.6 years
• Boston: 15.2 years
• Denver: 16 years
• Los Angeles: 20.7 years
• San Jose, California: 23.9 years
Well boys and girls, *ahem* millennials, the time is now if you haven’t already begun saving money. Want the home of your dreams? Start budgeting asap.
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