Millennials are prepared to make sacrifices to buy a home

Young Americans want to buy a home but are having to make tricky decisions to try to make that happen.

The latest COUNTRY Financial Security Index reveals that 56% of Americans want to buy a home but 40% say affording the down payment is the biggest barrier. Among millennials, the challenge of a down payment is the top issue for 46%.

Among all Americans, 54% reported putting down 10% or less of their mortgage loan on a new home purchase, while 36% said their down payment was 5% or less.

Doyle Williams, an executive vice president at the firm said potential first-time buyers should be aware of all the costs of homeownership.

"Homebuyers should look beyond the initial cost of the down payment to the expenses of maintaining and protecting a home before making the investment. Some may not think it's worth the cost and effort at this time in their lives, but for many, owning a home is worthwhile," he said.

The survey finds that 11% of American homeowners say that 40% or more of their salary goes toward their monthly mortgage payments, while one in five American renters (21%) claim to spend 40% or more of their salary on rent.

Older Americans have other priorities
While millennials prioritize homeownership, for older generations, homebuying is not the main priority. For 35-49 year olds, paying down debt leads (67%) while 50-64 year olds prioritize retirement (72%).

The index found that 33% of Americans are working to pay off their after they turn 65 years old along with 68% aged 50-64, and eight in 10 aged 49 or younger.

Nonetheless, only about 6% of American homeowners regret or somewhat regret purchasing a home, suggesting that despite the extensive time it can take to pay off a mortgage, Americans still feel that it is a worthwhile investment.