A new survey from ApartmentList.com of 24,000 millennials across the country, born between 1982 and 2004, revealed some 'great news' for the residential housing market...about 80% of the millennials surveyed said they're ready to move out of mom's basement and buy a home. There's just one catch...
Apparently those same millennials either have no idea how much a home costs in their respective cities and/or are really bad at math. As evidence, the following table from Apartment List illustrates the hilarious gap between what millennials think a home down payment in their area should be and what it actually is.
Not surprisingly, the largest gaps between millennial math and reality came from the most expensive cities like L.A. and San Francisco where down payment expectations were off by a modest 50-60%.
Oddly enough, millennials in Las Vegas seemed to have bucked the bad math trend plaguing their generation...maybe all the gambling is actually good for something.
Meanwhile, over 60% of the millennials surveyed admitted they have less than $1,000 to their name and can't afford to save even $100 per month.
Adding insult to injury, Apartment List decided to use those savings numbers to calculate how long it would take the average millennial to save enough money for a down payment in various cities across the country and found that a startling number will likely be stuck in mom's basement for nearly a quarter century longer.
Okay, so maybe there was more than just one catch...but the result is the same...millennials should get used to the basement living lifestyle.