MIAMI–How long does it take the average Millennial to save for a downpayment on a home? If you’re looking to buy in San Jose Calif., you should have that down payment in place by 2041.
As for other cities, it doesn’t take quite that long, although it can come close in some markets.
That depends, obviously, on where that person(s) is looking to buy.
A recent report from Apartment List found that 80% of Millennial renters want to purchase a home. But for many of them, it will take at least a decade to afford it, according to the company. Apartment list said it used self-reported savings rates to figure out how long it will take to save up a 20% downpayment on the median condo price in various cities.
“While the majority of Millennials want to own their place someday, many of them are forced to delay their plans,” according to Apartment List. “Around two-thirds of those surveyed said they expect to wait at least three years to become homeowners”
The survey found that more than two-thirds of Millennials report having less than $1,000 in downpayment savings.
Here’s a look at how 10 different cities stack up:
Miami
Years to save for a 20% downpayment: 6.3
Median condo price: $167,000
New York City
Years to save for a 20% downpayment: 8.3
Median condo price: $261,700
Dallas
Years to save for a 20% downpayment: 9.3
Median condo price: $168,300
Houston
Years to save for a 20% downpayment: 10.8
Median condo price: $165,700
Washington, D.C.
Years to save for a 20% downpayment: 11.6
Median condo price: $270,600
Boston
Years to save for a 20% downpayment: 15.2
Median condo price: $364,000
Denver
Years to save for a 20% downpayment: 16
Median condo price: $276,700
Los Angeles
Years to save for a 20% downpayment: 20.7
Median condo price: $420,400
San Jose
Years to save for a 20% downpayment: 23.9
Median condo price: $728,800
Looking to move in a little more quickly? Apartment List said the shortest wait time can be found in Kansas City at 5.5 years.