(WKRN)– A new study from Apartment List takes a look at millennial home-ownership.
The study reveals that 4% of millennial renters in Nashville metro expect to rent forever.
However, of those who expect to purchase a home, 53% have not yet started saving towards a down payment.
- At current savings rates, just 25% of America’s millennial renters will be ready to put down 10% on a median-priced starter home in the next five years.
- Forgiving student loan debt would be a major boon to millennial home-ownership. If debt payments were instead put towards savings, we estimate the percentage of the nation’s millennial renters ready to buy a home would rise from 25% to 39%.
- To cope with high costs, some millennial renters look for down payment support from family. But millennials are expecting less support this year ($9,000) than last year ($10,000).