The biggest mistake millennials are making is not buying a home, says financial expert from CNBC.
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According to co-founder of AE Wealth Management David Bach, “buying a home is the escalator to wealth in America.”
But because of affordability issues and the fact that younger generations haveother priorities, homeownership rates — for millennials in particular — have steadily declined since the early 2000s.
While home prices are set to soar in 2018, Bach still thinks it’s a mistake to rent instead of buy. “Homeowners are worth forty times more than renters,” he tells CNBC Make It, adding, “The biggest mistake millennials are making is not buying their first home.”
