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Millennials are making 3 key decisions that are wiping out the starter home a?? and it's changing what homeownership in America looks like

Millennials are making 3 key decisions that are wiping out the starter home a?? and it's changing what homeownership in America looks like
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Millennials are making three key decisions that are cumulatively wiping out the starter home.




The typical millennial is renting longer and buying later, surpassing the need for the starter home.




A delay in homeownership gives millennials more time to build wealth — which means that for some, their first home is a million-dollar luxury home.




Some rich urban millennials prefer to rent in the city and buy a vacation home instead of a primary residence.




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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% compared to the previous year, according to The Real Deal. The median price of previously owned homes was $264,800 — the most expensive it's 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.
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