From Business Insider:
Millennials are known for wiping out industries, and the starter home may be next.
First-time homebuyers needed 23% of their income to afford an entry-level home in the second quarter of 2018, an increase of 2 percentage points from the previous year, according to The Real Deal. Last May, the median price of previously owned homes was $264,800, the most expensive it'd been in a decade.
For millennials across all income levels, a more expensive real-estate market is at the root of how they're wiping out the starter home – and it's unfolding in three key ways.
1. They're renting longer and buying later.
Millennials are waiting longer than ever to buy homes.