Millennials might need 13 years to save for a down payment in Denver

DENVER -- New research shows it takes millennials in Denver 13 years to save up for a down payment on a home.

Abodo says the average millennial home cost about $291,000. Saving 15 percent of the average millennial salary, it could take 13 years to save a 20 percent down payment.

“Down payments are a challenge for millennials with the prices rising, especially here in Denver,” said Joshua Hunt, CEO of TRELORA, a Denver-based brokerage.

He said low inventory combined with high prices and high student loan debt can make for a tough situation.

Abodo found only 34 percent of Denver millennials are homeowners, although that is higher than the national average.

But Hunt said there are options for people wanting to buy.

“There is a 3 percent FHA loan. There’s some 5 percent conventional loans. Obviously, you have to have good credit, but if you have good credit there’s many options out there,” he said.

He said you can also talk to your agent about the commission structure. Companies such as TRELORA charge a flat fee, and it’s possible buyers could get money back to go toward the purchase of their home.