First-time Buyers Wait Longer To Afford Own Home, According To Zillow

Real estate research firm Zillow updated a recent study regarding the reasons behind young Americans falling behind in the home ownership race.

According to an article on cnbc.com, research reports that 33 years old is the new median age of first-time home buyers - the borderline number for the millenials who are typically dubbed between the age range of 18-34. This marks a turn when it came to buying and owning a first home (married or not), which was around 30 years of age about ten years ago. Surprising? Not really.

In the same article, young Americans are currently still saving up on home purchase for about 6 years of renting prior to deciding on actually buying one. In addition, the US population of home owners have slipped to 63.4%, comparatively low compared to past years' home ownership market trends. Zillow Chief Economist Svenja Gudell was quoted as saying "Millennials are still very interested in buying a house, but they're delaying that decision...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 down payment and qualifying for a mortgage." It was reported that the starter home payment was just about 1.7 times than that of a first-time buyer's income during the early 1970s.

In another article on fortune.com, a recent rise in rental payments have prompted the delays on owning a home. This in turn results to renters finding it more and more difficult to set aside money for downpayment, further delaying the desire to own a very first home.

Still in a recent report on fxstreet.com, 9 out 11 US cities have more renters that actual home owners. Miami, Fl tops the list while Philadelphia comes last. To see which cities are on the list, view them by clicking here.