The median age of home buyers in the United States has gone up from 35 to 43.
According to the report of CNN Money, the median age of homebuyers in 1985 was 35. The median age rose to 39 in 2005 when the housing market neared to reach its peak. At present, U.S. Census data shows that the median age of homebuyers have reached 43.
There are a lot of reasons why most U.S. residents are choosing to delay their purchase of their very own homes. Skylar Olsen, senior economist at Zillow, said that most people delay home purchase just like they delay other life events.
"We consistently tell that story of people delaying homeownership," said Olsen. "People are delaying things that pre-date homeownership -- like getting married later and having children later."
A research from Zillow neglects student loans as a hindrance in owning a home. The recent study of a real estate research website states that there is a 70 percent chance that people with medical, law and doctoral degrees will own a home. That likelihood is 66 percent for those with master's degrees, 61 percent for those with bachelor's degrees, and 56 percent with those having associate's degrees. People with no degree have a slim 30 percent chance of having a home of their own. While those who have student debt but never graduated have a slimmer chance of owning a home.
Zillow Chief Economist Svenja Gudell said that the research may help put fears that having a student loan will make it difficult for first time homebuyers to have a home.
"As total student debt continues rising, there is general apprehension that this trend may prevent millennials from buying homes," said Gudell. "Certainly, it's better to accumulate debt and finish your degree than it is to accumulate debt but have nothing to show for it in the end. In other words, if eventually owning a home is a priority for you and you're currently pursuing higher education: Don't be a fool, stay in school."
