Some young retirement savers say they might raid their 401(k) accounts to buy a home.
To compare, only 25% of Gen X homebuyers and 16% of baby boomers plan to withdraw retirement funds for a home.
"You really, really, really, really shouldn't be taking out your retirement for a house," said Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York City.
Generally, early withdrawals from retirement accounts can trigger taxes and a 10% penalty, unless the account owner meets a listed exception.
For both individual retirement accounts and 401(k)s, qualifying first-time homebuyers may be able to take up to $10,000 penalty-free.
Persons:
Zers, X homebuyers, Stacy Francis, Roth, Francis
Organizations:
Real, BMO Financial Group, BMO, Francis Financial, Finance, CNBC
Locations:
Millennials, New York City