According to a recent survey from Apartment List, 72 percent of Millennials said that affordability was the primary obstacle to buying a home.
CNBC reports that rising student loan debt prevents many young adults from saving for a downpayment for a home. Though 80 percent of Millennials in the survey said that they would like to own a house, 68 percent have less than $1,000 saved, and 44 percent have nothing saved at all.
Americans owed $1.3 trillion in student loans by the end of 2016, and millennials alone give over roughly a fifth of their salaries to loan payments, according to Citizens Bank. That's thousands of dollars each year that cannot go toward a down payment on a home.
Based on current saving rates and home prices, Apartment List determined that it will take Millennial buyers six years to buy a home in Miami and around 8 years to purchase a home in New York City. But, in more expensive markets, it will take 20 years or more for young adults to buy a home in Los Angeles and San Jose.