Millennials want to buy their own homes — so much so that they, as a group, prioritize it over other life goals such as marriage and children, according to data from Bank of America. But, thanks to a combination of factors including student loans, stagnant wages and the high cost of real estate, many can't afford to buy.
The national median price of homes sold in December was $289,800, according to real estate company Redfin. Of those millennials who are looking to buy, about a third have a budget that's under $200,000, while 17 percent told Clever Real Estate they could only afford a home that's priced below $100,000.
Getting something less expensive because it needs work seems like a functional workaround. That idea tends to appeal to millennials: Over two thirds, or 68 percent, of them would be interested in a fixer-upper, according to a new Clever survey, which polled 1,000 Americans looking to purchase a home.