Millennials are not only up against financial hardships on their paths toward homeownership — they also face a knowledge gap when it comes to the most crucial aspects of the process, a recent survey found.

According to a study conducted by Lombardo Homes, 75% of millennials (those currently between the ages of 28 and 44) no longer want to rent, and aspire to buy property of their own.

However, 77% said their rent is so high that they cannot save up enough to do that — and 58% confessed that even with the money, they don't feel ready for homeownership.

"If they're looking to purchase a house that's fairly decent, knowing it's not going to be a forever home, they might be too worried and thinking, 'What if I raise a family?' "

— Denzel George, 29, Douglas Elliman

Credit: Anthony Cumberbatch Jr.

Denzel George, a Douglas Elliman real estate agent based in Franklin Square, said millennials tend to be afraid of taking chances when it comes to home buying if it's not the perfect property.

"If they're looking to purchase a house that's fairly decent, knowing it's not going to be a forever home, they might be too worried and thinking, 'What if I raise a family?' " said George, 29.

But if millennials have the financial backing, Arielle DiSalvio, who works out of the Real Broker NY office in Hauppauge, said the time to pull the trigger is now.

"That's how you're going to build a future for your family, and be able to afford a bigger, nicer home later, but you have to start as soon as you're able to buy a home," said DiSalvio, 33.

"For a young couple or family starting out, or a single individual, buying a house as soon as you can is a way to really build your future and build that wealth," she added.

"For a young couple or family starting out, or a single individual, buying a house as soon as you can is a way to really build your future and build that wealth."

— Arielle DiSalvio, 33, of Real Broker NY

Credit: KCollections Photography/Kelly Codrington

To understand what you're getting into, this generation should make sure to get the most up-to-date information possible, she added. DiSalvio often posts tips and informational videos on Instagram, as a direct way of reaching her millennial, first-time homebuyer client base.

"I think a lot of the knowledge gap comes from our parents," she said. "They had such a different experience when they were buying houses 35 years ago, and now it's not the same."

The market evolves quickly, which can also pose challenges: "Things are vastly changing, and we can't even keep up amongst ourselves," George added.

"They fall in love with a home and don't realize what they can afford... Educate yourself on the process, and the money that's needed."

— Luis Molina, 23, of eXp Realty

Credit: Katherine Nuñez Photography

Luis Molina, a real estate agent with eXp Realty in Hauppauge, recommended that millennials attend home buying seminars offered by banks on Long Island.

"One of the main issues I see with a lot of first-time homebuyers: They fall in love with a home and don't realize what they can afford," said Molina, 23. "So I think it's important, before they even start looking at homes, to educate yourself on the process, and the money that's needed."

James Britz is the executive vice president and chief operating officer of the Long Island Housing Partnership. The nonprofit hosts first-time homebuyer counseling sessions monthly on Zoom, with the next one taking place on Friday.

Additionally, Long Islanders can walk into their Hauppauge office for free one-on-one meetings with HUD certified counselors, or schedule a virtual appointment with them.

This is the biggest purchase they're going to make in their lives, and it's critical to come in and get educated on what the process is.

— James Britz, Long Island Housing Partnership executive VP and COO

"We always suggest just coming in and talking to somebody," Britz said. "This is the biggest purchase they're going to make in their lives, and it's critical to come in and get educated on what the process is."

The nonprofit also partners with elected officials on outreach sessions, which include mortgage lenders and real estate agents giving advice and answering questions.

This kind of education is vital, since "the home-buying process is scary when you've never gone through it before," Britz said.

By Rachel Weiss

rachel.weiss@newsday.com@RachMWeiss

Rachel Weiss joined Newsday in 2016. As a real estate/living multimedia reporter, Rachel writes feature stories and contributes to and appears in on-camera video packages. She was the lead reporter on Newsday’s LI Acts of Kindness series.