When it comes to home ownership, Millennials aspire to it just as much as previous generations. A new study suggests that for the average Millennial, they may need to save for a decade to afford the down payment for a starter home.
In a city-by-city comparison, however, Chicago is both more affordable and the data suggests that Millennials think they need a larger down payment than they actually do.
According to the report from Apartment List, Millennials surveyed believe that the average down payment in Chicago is $22,640 when, in fact, it's slightly lower, at $19,590.
Compare that with the worst city in the list, San Francisco, where Millennials surveyed believed they needed $69,650 when, in fact, they need $142,800.
At average savings rates for the age bracket it will take Millennials more than 27 years to save for that first down payment, versus only 5.4 in Chicago.
Check of the full story at Curbed Chicago here.