MINNEAPOLIS (WCCO) — Younger Americans are waiting longer than ever to buy a home for the first time.
The real estate firm Zillow crunched the numbers and found the typical first-timer rents for about six years before buying a home. That’s up from 2.6 years in the early 1970s.
The median age of a first-time homebuyer is now 33.
Experts say renters are having a harder time saving for a down payment. Also, people are waiting longer to get married and have kids.