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Most Millennials in D.C. Can't Afford to Buy a Home

Most want to buy, and most can't

After analyzing over 30,000 renters across the nation, Apartment List discovered that while 79 percent of Millennials want to purchase a home, they more often than not can't afford to. The real estate website estimated that it will take a decade or more for the average Millennial to be able to afford a 20 percent downpayment on a home. In their study, Apartment List covered over 90 metropolitan areas and 130 cities across the nation

For Washington, D.C., Apartment List reported that 73 percent of Millennials plan on purchasing a home. The factors holding them back? 81 percent say they can't afford it, 49 percent are waiting to get married before buying, and 51 percent say they're simply not ready to settle down.

While analyzing data from renters who self reported the amount of money they need for a home, the amount they've saved and are saving each month, and the amount they need help on for a downpayment, Apartment List reported that the average Millennial in Washington, D.C. will have to wait another 12 years to afford a home.

Take a look at all of the data here.

The Affordability Crisis: What Happens When Millennials Can’t Afford to Buy Homes? [Apartment List]

For Millennials, Is Living in Washington, D.C. Worth It? [Curbed DC]