While the housing market continues to recover following the Great Recession, millennials are reportedly more cautious about purchasing a home and cite financial reasons.

According to the online marketplace for homebuyers, renters, sellers and real estate experts, Trulia, millennials — young adults between the ages of 18 and 34 — stated finances are the "single biggest obstacle" preventing them from becoming homeowners. Millennials are reportedly encountering trouble making their first down payment for a home due to insufficient savings, debt and poor credit.

Fifty percent of the millennials in the Trulia report stated they would request financial assistance from family members to help buy a home. Millennials in the report stated if their parents or grandparents are not viable options to assist in the down payment, a second job is the next option. While 37 percent stated they plan to work a second job to save up, 22 percent of potential home-buying millennials noted they would use a state or federal government program to help become a homeowner.

"It's principally the economic factors: jobs and student debt," said National Association of Realtors Chief Economist Lawrence Yun, via Money News.

"Saving up for a down payment is a big obstacle and it can make the home buying process even more intimidating," said Trulia's real estate expert Michael Corbett. "Millennial home buyers need to know that if they are going to turn to bank of mom and dad for a down payment they should treat it like a loan. Write up a contract and determine what is best for monthly payments. This will and can avoid money woes among family members."

Trulia noted that home prices are increasing, and millennials are more focused on buying affordable housing. The survey showed 68 percent of millennials are looking for a home with a $200,000 or less price tag. A problem for millennials, based on Trulia's report, is they aren't sure how much money will be needed for a down payment.

"When buying a home today, it's critical to be conservative and to safeguard your purchase," added Corbett. "Forget the 'no money down,' or the 5 and 10 percent down payment purchases. Many banks will be hesitant to give you a mortgage otherwise."

Corbett stated the down payment goal should be 20 percent as it would give the new homeowner some equity "right from the start" in addition to a lower interest rate, reduced monthly mortgage payments and dodge private mortgage insurance monthly fees. The real estate expert said the 20 percent down payment will result in "significant" savings.

"Best rule of thumb: If you are close, but can't quite hit the 20 percent benchmark, you may want to look at a slightly lower price tag rather than overextend into something you might not really be able to afford just yet," said Corbett.

Trulia, however, found "little luxuries" wouldn't stop millennials from spending. A down payment for a car was the top choice millennials stated they would "never" give up to save for a down payment, at 65 percent. Smartphones ranked second at 45 percent ahead of cable's 20 percent. A Netflix subscription and vacations rounded out the top five at 15 percent and 14 percent, respectively.