Young people aren't buying homes as early in their lives as previous generations. Only 37 percent of people aged 25-34 owned in 2018, compared to 45 percent of both Gen Xers and baby boomers when they were that age.
Nearly 40 percent of millennials (defined here as those ages 18-34) say that not being able to afford a down payment is their top barrier to becoming homeowners, according to a recent survey from Clever Real Estate, while another 20 percent say that the biggest obstacle is the fact that homes are too expensive.
The earlier you start saving money for a down payment, though, the less you'll have to put away each month in order to end up with enough.
Below, CNBC calculated how much you'll need to save per month to put a down payment on a typical home by age 35, given various starting points. The calculations assume a 5 percent rate of return on investments and a price of $275,000, the median home price in the U.S. as of February 2019.
Here's how much you'll need to save per month ...