When considering purchasing a home, buyers must consider the full cost, from price and property taxes to home insurance and maintenance costs. Another key factor to consider is the down payment.
Point2, an international real estate search portal, released a study in early October that determined how much the down payment would cost millennials entering the housing market for the first time in the 100 biggest U.S. cities and how long it would take them to save that much.
Point2 researchers based their determination on current adjusted median household income for 25- to 40-year-olds in these cities, adjusted median home prices, and monthly savings rates.
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Michael S. Fischer
Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.
