In April, Apartment List reported that 73 percent of Millennials in Washington, D.C. plan on purchasing a home, but 81 percent can't afford it. After finding this out, the apartment rental marketplace sought to find out what's holding the generation back and found that student debt is a major factor.
In Washington, D.C., 52 percent of Millennial college graduates have student debt, according to the latest report. When it comes to saving for a down payment, college graduates without student debt are able to save an average of $320 each month, while college graduates with student debt are only able to save an average of $230 each month. Millennials without a degree save an average of $160 each month. Only 48 percent are able to pay at least $300 every month for a down payment.
With these numbers, Apartment List expects Millennial college graduates in Washington, D.C. to take an average of 11.7 years to save for a 20 percent down payment. For graduates without debt, it will only take 5.4 years. For Millennials without a college degree, it is expected to take 19.3 years.
Check out the full report here.
• Is Student Debt Stopping Millennials From Homeownership? [Apartment List]
• Most Millennials in D.C. Can't Afford to Buy a Home [Curbed DC]