New research from real estate site Zillow has found that the median age of first-time home buyers in the U.S. has shifted from about 30 in the early 70s to the current age of about 33, largely due to the inability to save for a down payment because of higher rents.
Millennials in the U.S. are becoming first-time home buyers later in life.
According to real estate website Zillow, the average American spends six years renting before purchasing a home.
In the 1970s, that average was 2.6 years. Further, since that time the mean home-buying age has risen from 30 to 33.
Zillow’s chief economist told The Associated Press, “Given how much rental rates are currently rising — a lot of folks are having a hard tim
