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Tuesday, August 18th, 2015

Lacking down payments and job security, more young adults renting for years before buying home

Author:     JOSH BOAK
Source:     U.S. News & World Report/Associated Press
Publication Date:     Aug. 17, 2015 | 11:58 a.m. EDT
 Link: Lacking down payments and job security, more young adults renting for years before buying home
Stephan:   There is a fundamental change going on in the homeownership trend in the U.S., with long term implications for the American economy. This will give you a data-based picture of what is happening.
Short of cash and unsettled in their careers, young Americans are waiting longer than ever to buy their first homes. The delay reflects a trend that cuts to the heart of the financial challenges facing millennials: Renters are struggling to save for down payments. Credit: AP/Michael Conroy

Short of cash and unsettled in their careers, young Americans are waiting longer than ever to buy their first homes. The delay reflects a trend that cuts to the heart of the financial challenges facing millennials: Renters are struggling to save for down payments.
Credit: AP/Michael Conroy

WASHINGTON — Home ownership, that celebrated hallmark of the American dream, is increasingly on hold for younger Americans.

Short of cash, burdened by student debt and unsettled in their careers, young adults are biding time in apartments for longer periods and buying their first homes later in life.

The typical first-timer now rents for six years before buying, up from 2.6 years in the early 1970s, according to a new analysis by the real estate data firm Zillow. The median first-time buyer is age […]

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