Millennials -- born between 1980 and 1998 -- are America's most active generation of homebuyers. Within the past year, more than 36 percent of home purchases were made by people from this generation.

But Dale Robyn Siegel, a home loan broker and author of "The New Rules for Mortgages," says an increasing number of those in this age cohort are now delaying their purchase plans.

"It's easier to just rent for another year," says Siegel.

But she says inertia isn't the only factor causing wannabe buyers to defer. They're also troubled by gradually rising mortgage rates and increasing sticker prices for property. What's more, many in this generation continue to carry heavy student loan debt loads -- which count against them on their loan applications.

On the other hand, the widely expected loosening of financial regulations through revisions to the federal law known as the Dodd-Frank Act could make it slightly easier for income-tight buyers to qualify for home loans.

Even so, looser regulations will translate to fewer consumer protections for borrowers, according to Siegel.

"Changes to Dodd-Frank will make it easier to make bad mortgage choices," she says.

Siegel contends buyers are well served by doing some serious number-crunching in advance of property selection.

"Before they choose a property, I always tell clients to run the numbers and stay skinny on their overhead," Siegel says.

Your core living costs are expenses you must meet on a regular basis. They include outlays for food, transportation, child care and insurance coverage. They also include any financial commitments you've made to a religious institution or charity. Together, these expenses constitute what many in the financial field call your "nut."

"Before making any major financial decision, your first task is to ensure you'll have the funds to meet your nut every month. Otherwise, your stress level and quality of life could be greatly impaired," Siegel says.

How do you determine your nut? Arlen Olberding, a certified financial planner, urges would-be buyers to take a step-by-step approach.

As a first step, he says you should carefully review your checking and credit card statements to see where your money has gone during the past six to 12 months.

"When it comes to spending, people are creatures of habit. Because of that, looking back at your personal spending history should help you project your future spending," says Olberding, a fee-only adviser affiliated with the National Association of Personal Financial Advisors (napfa.org).

Once you've categorized your past spending, it's time to comb through the columns, determining which among your non-mandatory costs you'd be willing to trim to buy the sort of place you want.

"Establishing financial priorities is a very personal matter. There are no right or wrong answers. To create a spending plan, you need to think both about your necessary expenses and lifestyle choices, like an urge to travel," says Olberding.

After you calculate your living costs -- along with quality-of-life choices you consider essential -- it's time to compare this monthly total to the net income you're bringing in. The difference should be the funds available to cover your mortgage expenses and future home upkeep and utility costs.

Here are a few pointers for would-be buyers:

-- Realize it's still very possible to overborrow on a mortgage.

Siegel says many who can jump over lender approval hurdles continue to be able to borrow more than they reasonably should. Why? Because the full extent of their living costs isn't apparent to the lender who reviews their file.

"If an expense doesn't show up on your credit report, the bank doesn't know about it," Siegel says.

Because a lending institution has limited information on your living costs, she says it's critically important you do your own pre-purchase computation to determine the realistic scope of your monthly nut.

-- Consider inflation when estimating your living costs going forward.

Although the government's Consumer Price Index has shown little movement in recent months, inflation is still a major factor for many households. Especially hard-hit are families with young children who face hefty day care costs and those who've opted for private schooling after their kids reach kindergarten.

Along with education expenses, health care costs have risen dramatically, led by the cost of employee contributions to health plans and the premiums paid for the kind of individual policies used by those who lack access to insurance coverage through work.

Even core expenses that are normally immune from big price swings -- including food and utility costs -- can rise unpredictably.

In assessing future living costs, Olberding advises clients to factor in average price increases of as much as 5 percent per year for their core expenses.

"No one is immune from inflationary increases -- so it's always better to err on the high side when preparing a spending plan," he says.

-- Factor savings into your calculations.

Many younger adults -- including the offspring of baby boomers -- are increasingly attentive to the need to make regular contributions to their retirement savings funds, Olberding says.

"Savings should be one of those core costs you don't forget when figuring out how big a mortgage you can handle safely. Buying your dream house is great, but you want to do so without breaking your budget," Olberding says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

There are several times when it makes sense for home sellers to do a pre-sale rental. One is when they must move, but want to delay a sale for a better market or until they can do major upgrades.

But real estate experts say many owners are unhappy at the thought of renting out their house, however temporarily.

“Some people feel emotionally sad about someone else living in the family home. They’re also afraid the house will be damaged by tenants,” says David Roberson, author of “How to Legally Rent Out Your House: A Practical Guide to Managing Rental Property Risks.”

Roberson, a real estate attorney, says many hazards of renting can be minimized through careful screening of tenants. He and his wife own 22 rental properties, and they limit rentals to those who earn a gross income of at least three times the monthly rent. They also insist on high credit scores.

“We want a FICO score of at least 700 -- unless the person has been through a recent divorce that caused their credit to take a temporary hit,” he says.

The couple also make sure their properties are videotaped to record their condition prior to rental. That way they can justify any charges for damages when the tenants vacate.

To avert complications, he says it’s wise to hire a professional property manager.

“Every time I hear of a landlord-tenant nightmare, it’s when the owners are managing the rental themselves -- without a pro involved,” he says.

Mark Nash, a longtime real estate broker and author of “1001 Tips for Buying and Selling a Home,” says it’s an especially good idea for novice landlords to opt for professional management.

“Being a landlord is like being a parent: You’re faced with demands you can’t push off onto someone else -- unless you have a property manager,” says Nash, who’s owned rental units for more than two decades.

Here are a few pointers:

-- Check the strength of your local rental market.

You may think it’s smart to rent out your home until you’re ready to sell. But this may not be the case if the supply of rental properties in your area outstrips demand, depressing the rental income landlords can collect.

As Nash notes, most large realty firms have rental departments that can help you assess the relative strength of your local market. Agents who routinely list rentals on the Multiple Listing Service should be able to quickly estimate how much rental income you can expect to receive.

Print or online advertising can also give you clues. Survey the ads to gauge availability and price for your type of property.

“You might even want to run a test ad to see what response you get,” Nash says.

-- Crunch the numbers on the financial impact of renting out your place.

Most owners considering a rental want to make sure that their rental income would more than cover their monthly mortgage payments, along with property tax and insurance charges.

When assessing the financial impact of converting your place to a rental, even a temporary one, Nash says you should be sure to factor in upkeep expenses.

As Nash says, you’ll also want to consider the tax implications of a rental. To do so, he recommends you call or visit an accountant for advice.

-- Attempt to damage-proof your home before tenants move in.

When they sell their home, most people cut the emotional cord and move on psychologically, Nash says. Not so when the owners are merely renting out the property.

“So long as they continue to own a place, most people are still territorial about it,” he says.

There are no absolute guarantees your home won’t sustain serious damage while it’s rented. But Nash advises you to take several steps to minimize your risks. Repaint walls covered with flat latex paint with an easy-to-clean semi-gloss finish. Seal your hardwood floors with two or more coats of protective coating. And replace valuable light fixtures with inexpensive ones from a home center store.

-- Plan to empty your home of renters before you seek to sell.

As real estate agents will underscore, it can be tough to sell a home while tenants are living there.

“As a rule, tenants don’t care if you sell. They might even become annoyed” and cause trouble, Nash says.

To avoid this potential problem, he recommends you plan to have the property vacated of tenants for at least a month before it goes on the market. With the tenants gone, you can ensure that any remaining cosmetic or repair issues will be quickly resolved.

“That final interior painting and carpet cleaning can make a world of difference to your bottom line,” Nash says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

An engineer in her early 60s was shocked when her husband died suddenly from medical complications. The couple had long enjoyed living in a sprawling cedar contemporary overlooking a lake. But with her husband gone, maintenance on the house feels overwhelming -- as does the idea of selling.

More than a year later, the engineer is still grieving and pondering her real estate options. Should she sell her suburban property and move to a condo in an exciting part of the city, as several friends have done? Or should she stay put in the house that she and her husband so lovingly designed?

Arlen Olberding, a certified financial planner, doesn’t know the engineer in this true story. But he’s advised many clients grappling with tough housing choices after losing a spouse. In such cases, experience has taught him there’s no one-size-fits-all solution.

“People in this position should avoid making any step too hurriedly if they can afford to wait,” says Olberding, a fee-only planner affiliated with the National Association of Personal Financial Advisors (napfa.org).

Here are a few other pointers for newly widowed homeowners:

-- Face your financial realities first.

The engineer above owns her lakeside house free and clear. She can easily afford the taxes, insurance costs and maintenance fees for the property.

Still, for her and others who’ve lost a spouse, keeping a large family home indefinitely means serious financial trade-offs, says Mark Nash, a long-time real estate broker and author of “1001 Tips for Buying and Selling a Home.” In such cases, he suggests you consult a trusted financial planner or accountant before making any major real estate decisions.

“Crunching the numbers will tell you a lot about your options and help you face reality,” Nash says.

In advance of a visit to see your financial adviser, Nash suggests you determine how much your house is costing you in mortgage payments, taxes and maintenance outlays.

-- Make housing decisions in the context of your overall life plan.

All too often, people see their real estate choices in isolation from the broader issues of their lives, Nash says.

To whom should you turn to help chart your plans? Sometimes a real estate agent who’s willing to listen to your story (and who won’t push you to sell) is a better bet than a close friend or family member, according to Nash.

“Your family and friends aren’t always the most objective advisers. Besides an agent, you might want to talk to a therapist, counselor or life coach,” he says.

-- Take into account your emotional attachment to a property.

Nash says that in their 50s or 60s, more men than women are open to selling a family property and recasting their lives. He contends that more women are strongly attached to the home where they raised their children and want to keep a place with extra space for their extended families to visit -- a concept called the “mecca house.”

Nash says he’s worked with many older women who live to regret the sale of the spacious family home. Many of those who stay wish to slightly alter the place, perhaps with the help of an interior designer.

“This way a woman can put her imprint on the property for the next stage of her life,” Nash says.

-- Allow yourself ample time to make a solid decision.

Like others who’ve sold real estate for many years, Nash knows it can be a mistake to rush into a home sale right after a traumatic life event -- such as a spouse’s death. He says becoming an empty nester can also represent a surprisingly tough transition.

“The departure of the last kid from home can create an identity crisis that lasts until you find a new sense of purpose. This can throw into question the future of the family home,” Nash says.

Whether you’re still reeling from widowhood, a marital breakup or the departure of your grown children, you may be flooded with conflicting feelings about how to proceed with your real estate. In this state of mind, mistakes can happen.

Take the case of a medical researcher who lost her husband, a prominent doctor, after his brief battle with pancreatic cancer. Under pressure from her two grown daughters, the woman immediately sold her large Tudor and moved to a three-level townhouse nearby.

But the hasty sale netted the widow less than the market value of her property, and the new townhouse -- with tall ceilings and steep stairs -- was a poor choice for a woman in her late 50s already experiencing knee problems.

That’s why Nash urges you to take your time during any late-in-life housing transition.

“If you’re in doubt about whether to sell that big house, step back for a while and give yourself as much processing time as you need and can afford to take,” he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)