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Millennials, Gen Xers and Baby Boomers agree: They don’t make enough to buy a home

Increasing debt and high cost of living is holding generations back

Credit card debt, student loan debt and high cost of living are some of the factors cited by Bankrate for reasons people can’t afford a home. 

One common trend the survey found across Millennials, Gen X and Baby Boomers? Their income isn’t high enough, and that is what’s holding them back from buying a home. 

There were 52% of Millennial non-homeowners who wish they owned a home that said their income wasn’t enough; 54% of Gen Xers and 55% of Baby Boomers shared that same sentiment.

Beyond that, the survey showed that just over half of all U.S. adults said they didn’t know the minimum down payment required to buy a home. 

Nearly a quarter of Millennials say that student loan debt is holding them back from buying a home, while 15% of Generation Xers and 5% of Baby Boomers said the same. 

Millennials are also turning to assistance programs and their retirement savings in order to make a down payment on their first home, Bankrate said. 

Other than dipping into other savings, 33% of Millennial homeowners said they used a down payment assistance program or grant, while a similar amount of Gen Xers, 27% to be exact, said they also used an assistance program. 

Although coming up with the money to make a down payment seems to be a struggle for most generations, 53% of Millennials, 47% of Gen Xers and 45% of Baby Boomers said they saved up enough money to make a down payment and afford the closing costs of their new home.

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