HousingWire informs MHProNews first-time homebuyers are facing different circumstances than their parents’ generation. Whereas their parents were saving for a down payment on their first home, Generation Y is burdened with an average $27,000 in college loans which may take ten years to pay off. Housing research site Doorsteps has determined the average age of first time homebuyers is 31, that 42 percent cut out luxury items and 35 percent stopped entertainment expenses to save for a home. Sixty-six percent would consider buying a home in foreclosure, a higher percentage than repeat buyers.
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