Here’s Why Millennials Are Delaying Their First Home Purchase

First-time homebuyers are ditching the starter home in favor of saving up for their dream home. That's the main takeaway from a new Bank of America report, which found that 75 percent of first-time home buyers, which tend to be younger, are waiting until they have enough money to buy their dream home. In fact, 35 percent said they wanted to retire in this home. 'Not only are they willing to wait to get the house that will last when they have their family or might even want to retire in someday, they're also willing to make the tradeoffs to afford that house,' said Steve Boland, head of consumer lending at Bank of America. 'They're looking to spend less on entertainment, travel or cars to be able to afford that house of their dreams.' TheStreet's Scott Gamm reports from Wall Street.