Millennials, You Don't Need No Stinking Down Payment.

Millennials want to buy but are saving for the down payment, reports the Wall Street Journal.   "Nearly 70% of young people ages 18 to 34 years old said they have saved less than $1,000 for a down payment, according to a survey by Apartment List, a rental listing company, expected to be released Friday," writes Laura Kasisto. "About 40% said they aren’t saving anything on a monthly basis."

Young people think they need to put money down to buy a house.  Not Hardly.  The Mortgage Reports says, 

According to the National Association of Realtors, 87% of first-time buyers think they need 10% or more down to buy a home.

That’s simply false.

In fact, the average down payment for first time buyers today is just 6%. And, a number of programs require no down payment at all.

“It’s encouraging that millennials do want to buy homes. It suggests that they are delaying forming households but they’re not giving it up,” Andrew Woo, director of data science and growth at Apartment List told the WSJ. “The biggest reason [they aren’t buying] is because of affordability.”

Of course the 25 to 34 crowds is burdened with student debt, they pay high rents, and that swinging urban lifestyle is expensive.  But the American dream of paying on a big fat, paycheck sucking and mobility stifling mortgage is just waiting for you. Take the plunge. Make America great.