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A recent survey by insurance company Country Financial found that more than 25 percent of Millennials say that homeownership is their most highly prized life milestone, but financial barriers remain.
The homeownership rate for this group, though, is lower than their parents and grandparents at the same age, according to research by the Urban Institute. The biggest barrier to homeownership cited by Millennial survey respondents, with a 53 percent share, was not being able to afford a down payment. CNBC reports that even though most homebuyers believe they need to put down 20 percent for a home's purchase, Census data show that 71 percent of current homeowners made down payments of 20 percent or less.
As far as Tatiana Skomski is concerned, the American Dream is alive and well — although just beyond reach. Skomski, 24, lives with her boyfriend, K.J., and their dog, Lola, in Portland, Oregon. They picture getting married, buying a house and starting a family.
"It's a conversation we have probably every day," she said. "I recognize we are young but it feels impossible that one day we will have a down payment for a home when we can just pay our bills every month." Skomski and her boyfriend work full time; however, they also have student loans — each owe around $30,000, roughly on par with the national average per graduate.
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