Study: Many South Florida Millennials Can't Afford To Buy A House
A lot of South Florida millennials can’t afford to buy a home, according to a study by ApartmentList.com.
About 40 percent of potential millennial homebuyers in Miami don’t have any down payment savings. The study estimates it would take half of them more than two decades to save up for a down payment.
About 12 percent have saved $10,000 or more.
According to ApartmentList.com, many millennials are saddled with large student debt. The study shows that nearly 23 percent of graduates without student debt will be able to afford 20 percent on a down payment unlike 12.1 percent of graduates who have debt.
Total student loan debt has increased 170 percent in the last decade, according to the Federal Reserve Bank of New York.