found that it would take the average millennial nine months of saving to recover a month's worth of expenses. That means that if they were unemployed with no income for six months, it would take them four-and-a-half years to recover their lost savings. Urban-dwelling millennials will likely take the longest time to recover, the report found.
This analysis was based on monthly average millennial household expenses of $3,770 and a post-tax monthly median household income of $4,240. It assumed a savings target of 10% of their take-home pay and that household incomes will return to their pre-COVID levels post-lockdown. It didn't account for the time it will take to reach full employment again or potential pay cuts, meaning the actual time to recover lost savings could be even worse.
It doesn't help that some banks are making their lending criteria more strict, the report stated, requiring higher credit scores and a larger minimum down payment. The , per the report, but some banks are now requiring the standard 20% down payment for mortgage approvals., it could all delay millennials' home purchase "by years."
Not so much a millienial issue as it beginning to taper more towards Gen Z. The older millennials are now 38
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