Many millennials are just not saving enough cash
, 1,207 identified as millennials, defined as ages 22 to 37 . The margin of error was plus or minus 1 percentage point.
While 40% of surveyed millennials who expect to own a home in the future are saving for one — though we don't know how much — about 31% of millennials said they expect to own, but aren't currently saving at all.a recent SmartAsset study , it would take the median earner in the 25 largest US cities between four and 10 years to save enough cash for a 20% down payment on a median-priced home. That's generously assuming they're saving 20% of their annual income for the down payment, but most probably aren't.However, Realtor.com found millennials' down payments are typically lower than those of Gen Xers and baby boomers at an average of an 8.
Millennials' paltry savings are likely attributable to a heavy debt load. Despite mostly steering clear of
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