While nationally a college-educated person under 36 with no debt can save up for a 20% down payment on median-price home in an average of 5.3 years, that same person will require 14.8 years to get that home in Denver according to an Apartment List survey. The Denver Post staffer Aldo Svaldi looks at how student loans and college education are affecting millennials looking to buy homes in Denver.
Unlike other markets, millennials without college take longer to save for a mortgage than millennials with degrees and debt, 23.7 years and 11.8 years respectively. This is likely due to the wage discrepancies between the two groups:
In metro Denver, that segment of millennials without college education reported making $37,190 a year on average compared with $70,310 for unencumbered former college students and $75,710 for the college educated carrying debt.
In Denver, those with student loan debt set more aside than those without debts — $230 a month vs. $180.