Millennials are buying homes later


Source: Times Online By Heather McCracken PublicSource

Carlton J. Brown III is about to sign off on one of the biggest decisions of his life. The 29-year-old is buying a three-bedroom house with a yard and a two-car garage in McKees Rocks, a borough northwest of Pittsburgh. Brown, a lab technician at an oil blending plant, has been renting with friends for the past two years.

But, “I’m getting close to 30 and I felt it was time I needed to make an actual commitment to something,” he said.

Mortgage payments on the $50,000 house will be just $150 a month more than his current $325 share of the rent.

“I was pretty nervous at first,” Brown said. “I only got this because, at the price, I was able to afford it by myself, but I’ll probably try to get a roommate so I can make it more affordable”.

Read the full story at: Times Online