model house on man's handGiven the housing market, this might be all one could afford afterpaying student loan debt and high rent. (Photo:Shutterstock)

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The high cost of living is getting in the way of 45 percent ofmillennial homebuyers achieving their goal. So they'reresorting to all sorts of ways to raise cash—including raidingtheir retirement accounts.

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A new Bankrate survey finds that to scrape together the moneyfor a down payment, millennials are moving in with relatives, selling off theirstuff and even taking money out of their retirementaccounts. Even with those efforts, it still takes them anaverage of 3 years to stash enough money to cover the downpayment—while it takes GenXers 2 years and 9months to cobble the payment together, and 2 yearsand 6 months for boomers to have managed it.

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Oddly, many don't even know what the required downpayment is, the survey finds, but they have a lot of company: 51percent of Americans say they don't know how much they need as adown payment in the current market to buy a home.

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It's not as hard for GenXers or boomers, aside from the downpayment, to be able to buy a house: Just 38 percent of GenXers and31 percent of baby boomers say that the high cost of living is anobstacle.

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And then there's student loan debt, now standing at $1.6trillion, which also weighs more heavily on millennials than ontheir elders: 23 percent say it's an obstacle, compared with only15 percent of GenXers and 5 percent of boomers in the market for ahouse.

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It could be desperation sending millennials to their retirementaccounts for that down payment and taking other drastic steps: 22percent of millennials don't think they'll ever get enoughsaved.

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So instead, 13 percent have raided their futures, far more thanGenXers (8 percent) or boomers (7 percent). They've moved in withfamily or friends (14 percent) to cut their expenses, sold offpersonal items (12 percent) and hit up family or friends for a loan(6 percent). And that's in addition to saving, using a first-timebuyer loan or grant or getting a gift—not a loan—of funds fromfamily and friends.

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