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A 2021 Millennial Homebuyer Report from Clever revealed that millennials are still struggling to afford the traditional 20% down payment, despite having more money in savings.
According to the report, 57% of millennials have more than $10,000 in savings which happens to be a 36% increase from last year. However, two-thirds are planning to put less than 20% down on their homes. Additionally, 77% of millennials surveyed have student debt. More than 80% say $10,000 of student loan forgiveness would substantially impact their finances.
Clever also reported that 52% of millennials said they experienced stress and anxiety during the homebuying process. The major drivers of this anxiety are unexpected or hidden costs, lack of affordable homes, the prospect of major repairs, the possibility that home values will decline and not being able to qualify for a mortgage. In fact, 29% of millennials are worried that they will not be able to qualify for a mortgage.
The report also revealed that the pandemic has caused millennials to go bigger when it comes to homebuying. In 2021, millennials are looking for homes that are around 2,400 square feet, according to Clever.
"They are interested in spaces that allow them to work and play at home more comfortably," according to the report.
"With more people working remotely during the pandemic, they're twice as likely to require dedicated office space this year compared to last."
Click here to read more from the Clever report.