For many millennials, it could take a decade to save up enough money to afford a home

The L.A. Daily News reports:

If you’re a millennial looking to buy a home or condo in the Los Angeles area, you may have a long wait on your hands.

A new survey from ApartmentList.com reveals that millennials in many of the nation’s large metro areas will need at least a decade to save enough money for a 20 percent down payment on a condominium.

The situation is even worse in the cities of Los Angeles, San Francisco, San Diego, San Jose and Austin. Based on their current rate of monthly savings, millennials in those cities each face a wait of at least 19 years. In Los Angeles it’s nearly 21 years.

The results underscore the long-term crisis many face as a growing number of millennials delay buying a home until later in life. One of the big questions for the housing market has been whether millennials — who currently make up the nation’s largest generation — will be forced to rent long into adulthood.

ApartmentList’s nationwide survey of some 24,000 apartment renters found that the 80 percent of millennial renters born between 1982 and 2004 want to purchase a house or condo but can’t afford it.

The Federal Reserve's lasting legacy on younger people.