NEW YORK (MainStreet) -- Homeownership may be part of the American Dream — but many are waiting longer to achieve that dream.
“I am seeing people wait longer to buy a home, particularly those from their late-20s into their mid-30s,” said Arvin Sahakian, vice president at mortgage site BeSmartee.
In fact, Americans are now nearly 33 when they realize their homeownership goals, compared to 29 in the late 1970s, according to new data from real estate firm Zillow. People are also renting longer, with the median amount of years renting reaching six — nearly a 33% increase from the late 1970s.
“Most young Americans should realize that homeownership is within reach,” said Kelly Hager, CEO of Kelly Hager Group Real Estate Services in Missouri. “However, it's often a matter of rising non-housing expenses and evolving societal norms that keeps them from purchasing their first home.”
Hager said several factors are playing into Americans staying away from home ownership, including the increasing price of energy, medical care and college.