Young Adults Living at Home Are Saving for Down Payment.
One of the biggest barriers to homeownership for first-time home buyers has been saving for a down payment. But young adults who moved back home during the pandemic—and kept a job—are finding that homeownership may be within reach, according to a new report from realtor.com®.
Realtor.com® analysis shows home ownership may be within reach for young people able to channel would-be rent into savings
-- Based on U.S. median one-bedroom rent, it would take 11 months to save for a 5% down payment for the median priced home in the U.S.
-- Eleven months of rent savings is enough to accumulate a 5% down payment for a $327,000 home in Chicago
-- It takes the longest -- nearly 22 months of rent savings -- to save for a 5% down payment for a median priced home in Los Angeles.
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