Citing Unaffordability, Survey Finds Only 20% of Denver-area Millennial Renters on Track to Buy Homes
Colorado Politics’ Michael Karlik digs into new data on affordability in Denver.
Only one-fifth of Denver metro’s millennial renters are on track to purchase a home, and 12% say they expect to be renters for life.
A new report from Apartment List found that most millennials — defined as persons age 23-28 — who rent want to own homes, but overwhelmingly cannot afford to buy. The report defines being “on track” to buy as affording a 10% down payment on a median-priced home within five years.
Denver’s percentage of millennials in that category was lower than that of most other major cities. Thirty-four percent of young adults in Minneapolis were on track, as were 31% of respondents in the much more expensive city of New York.
Read more here.