New survey shows challenges of home buying for millennials

OAKLAND, Calif. (KTVU) - A new survey shows millennials are having a difficult time purchasing a home. 

Personal finance website Bankrate surveyed 2,600 millennials (ages 23 to 38) about their home buying experience and found that 13 percent of them dipped into their retirement funds. That's compared to 8 percent Generation Xers (ages 39 to 54) and 31 percent of baby boomers (ages 55 to 73).

Millennials are also more inclined to move in with family or friends and sell off personal belongings to help with housing costs. 

A major roadblock for them is student loan debt, which now totals $1.6 trillion.