According to a new report released by the Associated Press on Monday, Americans are waiting longer than ever before to buy their first homes – and it’s due to a shortage of cash and unsettled careers.
The news source – referencing data from Zillow – revealed that the typical first-time homebuyer now rents for six years before purchasing their first property. That number is up from 2.6 years in the early 1970s.
Millennials are “still very interested in buying a house, but they’re delaying that decision,” explained Svenja Gudell, chief economist at Zillow. “Once they start having kids, they begin looking for homes. We’re also finding that – given how much rental rates are currently rising – a lot of folks are having a hard time saving for a down payment and qualifying for a mortgage.”
Image via flickr/fr0ggy33