Los Angeles Los Angeles

For Los Angeles millennials, homeownership remains a distant reality. According to a new report from Apartment List, 79% of millennials are not on a path toward homeownership. A portion of this group expects to rent forever, but 42% of millennials that want to own have not yet started saving a down payment. The reason is a combination of housing prices and a housing shortage, which work together to make homeownership a difficult achievement.

“On one hand, home prices continue to rise in Los Angeles, which means that the finish line is moving further away,” Igor Popov, chief economics at the Apartment List, tells GlobeSt.com. “On the other hand, millennial renters are finding it very difficult to save for down payments. In L.A., 42% of millennial renters who want to buy a home have saved zero towards a down payment. To make matters worse, we find that millennials are expecting less financial support from family compared to last year.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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