It’s no surprise that home prices in Washington, D.C. are more expensive than other parts of the nation, but a new report from Apartment List proves that the lack of affordable options affects almost everyone. While 84 percent of Millennials in the District said that they plan on purchasing a home in the future, 75 percent said that they cannot currently afford to do so.
In order to save up for a 20 percent down payment, Apartment List estimates that the average Millennial will have to save for an average of 11.6 years. This might seem like a lot, but Millennials in San Francisco, San Diego, and Los Angeles have to wait almost 24 years.
Check out more facts from Apartment List’s report here.
• American Dream of Homeownership Delayed for Millennial Generation [Apartment List]