8/17/2015 – Millennials stuck renting longer before buying (Finance & Commerce)

Homeownership, 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 33 — in the upper range of the millennial generation, which roughly spans ages 18 to 34. A generation ago, the median first-timer was about three years younger.

Read the full article in Finance & Commerce.