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California millennials lack funds for down payments

On Behalf of | May 31, 2017 | Residential Real Estate |

According to a study by Apartment List, 70 percent of millennials around the country have less than $1,000 for a down payment on a home. Fewer than 30 percent of those between the ages of 25 to 34 would be able to save 10 percent of a home’s purchase price within three years. Furthermore, only 15 percent would be able to do so in the next year.

Another finding was that 40 percent of those between 18 and 34 do not save money on a regular basis. This trend may make it harder for younger people to afford homes in the next few years. However, the findings also indicate that millennials are not giving up on their dream of becoming homeowners and that affordability is their biggest obstacle.

Members of Generation Y who took part in the survey said that they also wanted to buy a home. However, despite the fact that 80 percent of participants in that age range said that they want to buy a home in the future, 72 percent said that they could not afford to do so. Participants from both generations said that they would likely turn to their parents or other family members for financial assistance.

Individuals who are considering buying a home may wish to consult with an attorney. Doing so may make it easier to learn about any issues with a home’s title or about contract terms before a sale closes. This may help people understand what they are signing and what their rights and responsibilities are. If necessary, an attorney may represent a client if there are any disputes before, during or after a sale closes.