From their parents’ basements to dream homes: Millennials are skipping starter houses

Elliott Pollack

Elliott PollackBy Paul Davidson | USA TODAY

Mike Sullivan, 31, bought his first house a few years ago after saving up for years, but it’s not a typical one or two-bedroom starter house. He paid $360,000 for the four-bedroom, 2,700-square-foot ranch on Long Island. He calls it his “forever home.”

Millennials put off buying their first home as they struggled with the aftereffects of the Great Recession. Now that they’re snapping up houses in greater numbers, many older Millennials are making up for lost time: They’re bypassing the traditional gateway to homeownership – the starter, or entry-level, home – and buying larger, more expensive houses where they’re likely to raise families and maybe even grow old.

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