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According to a new report released by the Associated Press on Monday, Americans are waiting longer than ever before to buy their first homes – and it’s due to a shortage of cash and unsettled careers.

The news source – referencing data from Zillow – revealed that the typical first-time homebuyer now rents for six years before purchasing their first property. That number is up from 2.6 years in the early 1970s.

Millennials are “still very interested in buying a house, but they’re delaying that decision,” explained Svenja Gudell, chief economist at Zillow. “Once they start having kids, they begin looking for homes. We’re also finding that – given how much rental rates are currently rising – a lot of folks are having a hard time saving for a down payment and qualifying for a mortgage.”

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As rent prices continue to increase nationwide, the Wall Street Journal confirmed on Thursday that tenants are now spending a higher share of their income on housing than ever before.

According to the paper, most renters can expect to pay at least 30 percent of their income on rent, which is the highest number we’ve seen since Zillow began collecting data in 1979.

“Our research found that unaffordable rents are making it hard for people to save for a down payment and retirement, and that people whose rent is unaffordable are more likely to skip out on their own health care,” said Svenja Gudell, Zillow’s chief economist.

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Wells Fargo announced on Wednesday that its mortgage chief, Mike Heid, is preparing to retire after 28 years with the bank.

“Over a distinguished career spanning three decades, Mike has helped our company and the entire housing industry navigate unprecedented challenges,” Chief Executive Officer John Stumpf said in a statement. “His impact will be felt for many years to come.”

Following in Heid’s footsteps will be Franklin Codel, who is currently the head of mortgage production. He will begin his role as mortgage chief on Oct. 1.

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After several months in a row of overall positivity in regard to the status of the U.S. housing market, the American public seems to have done an about-face in July.

According to Mortgage News Daily, the percentage of respondents who believe now is a good time to sell a house dropped by a huge 7 percent. Similarly, those who believe it is a good time to buy dropped to an all-time low of 61 percent.

“Consumer attitudes toward housing slid back this month,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The share of consumers who think it’s a good time to sell a home posted a sizable decrease from a record high in the prior month, even as home price change expectations strengthened. Deteriorating consumer assessments of income growth over the past year as well as increased caution around the direction of the economy and personal financial expectations may be contributing to the pullback in sentiment. Still, it is premature to read too much into this month’s results as the survey was taken around the time of increased global turmoil, including Greece’s potential default and China’s stock market plunge, which has receded somewhat. Most of our key indicators are as strong or stronger than they were at this time last year, which is indicative of an improving housing market this year.”

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