Young homebuyers in a race as home prices rise

Real Estate

For millennials looking to buy their first home, the hunt feels like a race against the clock.

In the seven years since the housing crash ended, home values in more than three-quarters of U.S. metro areas have climbed faster than incomes, according to an Associated Press analysis of real estate industry data provided by CoreLogic.

That gap is driving some first-timers out of the most expensive cities as well as pressuring them to buy something before they are completely priced out of the market.

The high cost of home ownership is also putting extreme pressure on 20- and 30-somethings as they try to balance mortgage payments, student loans, child care and their careers.

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