Due to COVID-19 layoffs, over 13% of millennials find themselves without jobs. On average it takes nine months for a millennial to save a month’s worth of expenses, using the national savings rate of 6% per paycheck. What this means, is that without a job for six months, it will take millennials over four years to save the amount they’ll spend on six months of monthly expenses. Even with unemployment benefits and possible side hustles, they will need to dip into savings to cover groceries, car payments, and rent. Moving to the suburbs or more affordable metro areas could help millennials be able to buy sooner. Low mortgage rates should make buying a home more affordable should they have money left for a down payment.
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