---
title: Millennial Buyers Plan For Smaller Down Payments
description: Saving enough money for a down payment can be a hurdle for some home buyers, especially first-time buyers.
---

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# [Millennial Buyers Plan For Smaller Down Payments](https://www.mutualfederal.com/mortgage-articles/millennial-buyers-plan-for-smaller-down-payments)

 Written by [Susan Richwine](https://www.mutualfederal.com/mortgage-articles/author/susan-richwine) | Jan 27, 2023

Saving enough money for a down payment can be a hurdle for some home buyers, especially first-time buyers. After all, unlike move-up buyers who can use the proceeds of their previous home's sale, first-time buyers have to come up with a down payment largely through savings. But saving money's not always easy. In fact, among recently surveyed millennial home buyers, 41 percent said saving for a down payment was the biggest barrier to buying a home – only mortgage rates and home prices ranked higher.

The good news, though, is you don't have to have a 20 percent down payment saved before you can buy a house. And, according to the survey, most younger buyers won't. The survey found 62 percent of respondents said they plan to have a smaller down payment when they buy. That's a big change from last year, when just 34 percent of millennial buyers planned to put down less than 20 percent. 

[[Source](https://dsnews.com/news/01-23-2023/inflation-debt-impacted)]

[View full post](https://www.mutualfederal.com/mortgage-articles/millennial-buyers-plan-for-smaller-down-payments)

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