Having an own home is not simple. A lot of factors should be considered and preparation should not be within a snap. The question is, why are more millennials trapped in renting for a long time before deciding to buy their own home?
According to a study by real estate research firm Zillow, typical young Americans spend six years of renting before purchasing a home of their own. This number has gone up 2.6 years in the early 1970's. The analysis explains that the average range of first-time buyers is at the age of 33, and the upper range of the younger generation is approximately from 18 to 34 years of age.
According to the article of Demanjo, one major delay is the difficulty to save money to pay for the downpayment. It is a known fact that before possessing a home, a downpayment is required.
Some of them are also in front of postponements in some major pointers of maturity, from getting married and having children, to establishing a profession, says industry and management reports.
Nowadays, because of the rapid ranges of renters across all age, the rental prices are also arising. Most first-timers still depend on personal savings for their downpayments, and it's a big problem in socking money for the task.
According to a report by NBC, Svenja Gudell, chief economist at Zillow, said that Millennials are "still very interested in buying a house, but they're delaying that decision." Gudell went on to say, "Once they start having kids, they begin looking for homes. We're also finding that - given how much rental rates are currently rising - a lot of folks are having a hard time saving for a downpayment and qualifying for a mortgage."
Having a stable job and career security has also become two of the major concerns of first-time buyers. Some of the potential buyers spent around 4.5 years in their professional fields and more than three years in their current jobs.
