Millennials bypass starter homes, new studies show

A growing trend among millennials is expected to have a wider impact on the real estate market.

Studies and stats show that millennials are putting off buying a home. In fact, many are skipping a starter house altogether and saving up for a home they will live in into retirement, according to USA Today. 

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Seventy-five percent of first-time home buyers would rather skip a starter home, according to a 2016 survey by Bank of America.

Millennials lived longer at home or rented for a longer period of time, allowing them to save a larger down payment to purchase the home of their dreams, analysts said. They also purchased more homes last year than any other generation, according to the National Association of Realtors.