In Miami, Millennial house hunters will need to save for a little more than six years to afford their first home.
And they’re not the only first-time buyers struggling to save for a down payment. A recent report from Apartment List found that 80% of Millennial renters want to purchase a home. But for many of them, it will take at least a decade to afford it. Apartment list used self-reported savings rates to figure out how long it will take to save up a 20% down payment on the median condo price in various cities.