Housing in California is more expensive than just about anywhere else in the country. Today, an average California home costs $440,000, nearly two-and-a-half times more than the national average, and rent is 50% higher in the Golden State than the rest of the country.

As housing prices rise, many next generation home buyers think they have no viable options, so they fall into the trap of believing they will be renters forever. This is where the credit union movement comes into play. Credit unions can take a personalized approach to home lending by understanding the needs of each member, then tailoring products and programs to meet those essentials in ways that banks and mortgage brokers cannot.

A recent study by Trulia calculated it would take a millennial (aged 18-35) with a college degree nearly 30 years to save for a 20% down payment in San Francisco on a median priced home. California metros accounted for seven of the top 10 most expensive U.S. cities to purchase a home. The number of years millennials' are estimated to save for a down payment is 18.8 years in Los Angeles, 18.5 years in Orange County, 17.7 years in San Diego, 17.7 years in San Jose, 15.6 years in Oakland and 15.5 years in Ventura County.