Young Americans Renting Longer

Young Americans are waiting longer than ever to buy their first homes, according to a new report from Zillow. The typical first-timer now rents for six years before buying a home, up from 2.6 years in the early 1970s. The median first-time buyer is age 33—at the higher end of the millennial generation (ages 18 to 34). A generation ago, the median first-timer was about three years younger. Young renters are having to save longer for their down payments. The report also noted that when young adults do buy their first home, the median price is $140,238, almost 2.6 times their income. In the early 1970s, the starter home was just 1.7 times income.

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