File - Short of cash and unsettled in their careers, young Americans are putting off the purchase of their first homes.
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Why Americans are waiting longer than ever to buy first homeShort of cash and unsettled in their careers, young Americans are waiting longer than ever to buy their first homes. The typical first-timer now rents for six years before buying a home, 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.The share of the U.S. population who own homes has slid to 63.4 percent, a 48-year low, according to the Census Bureau.In the early 1970s, the starter home was just 1.7 times income.Among homebuyers last year under age 34, 14 percent received down payment help from family or friends, according to a Federal Reserve survey.
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