Survey: Saving for a down payment delays homeownership

June 6, 2016 4:18 PM

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Young renters want to buy homes but struggle to afford down payments as their incomes remain stagnant and home prices rise across the county, according to a recent survey from Apartment List.

It could take a decade or more before a renter, particularly those saddled with student loan debt or those who do not have a college degree, to save for the 20 percent down payment. Some making higher incomes, however, are choosing not to save and instead increase spending on travel and leisure.

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