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Millennials interested in buying a home need to save for longer, study shows

It takes, for example, an average of three years to get enough in the coffers

When it comes to home-buying (and many other issues of personal finance and economic wellbeing), millennials do not have it easy. For one, home prices in major urban centers across the U.S. are generally prohibitively expensive. And while the suburbs may offer alluring proximity to the jobs, culture, and nightlife of cities, they often lack the kinds of amenities millennials want in the place they hang their hats.

A survey commissioned by NerdWallet in June affirms this discouraging situation, and also sheds light on some of the nitty gritty of home buying, including how millennials go about saving for a downpayment. 41 percent of some 2,000 respondents who purchased a home with a life partner, for example, said that each partner contributed an equal amount of money to the required downpayment. And a full 11 percent of women surveyed "contributed all or more to the down payment than their partner."

By and large, millennials are spending more time and saving more money than members of the previous generation: According to the study, "42 percent of millennial homeowners saved...on a monthly basis for a down payment when they purchased their current home, while only 29 percent of Gen X homeowners" defined as those aged 35–54, "did the same."

You can read more findings here, including an interesting look into the psychology of homebuying and how that has affected millennial home purchasing habits.