Hispanic Millennials struggle to save for down payment

(RECAP: Hispennials, or Hispanic Millennials, view their finances differently than the majority of Millennials, according to a recent study by Wells Fargo. One of the most notable differences is that Hispennials are more likely to provide supportfor extended family members, the survey shows. About 30% of Hispennials say they are currently providing financial support to two or more generations of their family, versus 14% of total Millennials. This trend shows through even when it comes to buying a home. Hispennials are more likely than any other race or generation to use a gift to pay their down payment on a home, said Frank Fuentes, New American Funding vice president of multicultural community lending. Hispennials report a slightly lower income level of $31,100, compared to $33,800 reported by the general population. On the other hand, Hispennials report a significantly lower student debt amount at $10,267, compared to the median reported by general-population millennials of $19,978.)