PBS and NPR for Southwest Florida
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Study: Many South Florida Millennials Can't Afford To Buy A House

Bernard Spragg. NZ
/
via Flickr/Creative Commons

A lot of South Florida millennials can’t afford to buy a home, according to a study by ApartmentList.com.

 

About40 percentof potential millennial homebuyers in Miami don’t have any down payment savings. The study estimates it would take half of them more than two decades to save up for a down payment. 

About 12 percent have saved $10,000 or more. 

See how Miami stacks up against other major U.S. cities.
Credit Screenshot ApartmentList.com
See how Miami stacks up against other major U.S. cities.

According to ApartmentList.com, many millennials are saddled with large student debt. The study showsthat nearly 23 percent of graduates without student debt will be able to afford 20 percent on a down payment unlike 12.1 percent of graduates who have debt. 

Total student loan debt has increased 170 percent in the last decade, according to the Federal Reserve Bank of New York.

Copyright 2020 WLRN 91.3 FM. To see more, visit WLRN 91.3 FM.

Carolina Niebla