Millennial Money: You nixed your homebuying plan. What now?

By SARA RATHNER of NerdWallet

Elevated home prices, rising interest rates and steep competition are interrupting millennials’ plans to get that quintessential piece of the American dream — their first home, or an upgrade from a small starter home. If you were planning on buying a home over the past year or so, you may have started the process by getting a mortgage preapproval and working with a real estate agent, only to cancel it all and stay put. But you can use this unexpected extra time to rethink your needs, adjust your expectations and better prepare for buying a home later on.