Investing one’s savings and taking on the long-term financial obligation of a home is daunting. But the payoff is extremely lucrative. Homeowners are 38 times wealthier than renters, states a CNBC report. 49% of millennials say that buying a home will most likely be their next step, says a survey by Fannie Mae. But the same survey states that 57% of young renters cited financial reasons for not buying a home. Poor credit, high down payment costs, a low monthly income, and too much existing debt were cited as the main obstacles.