The average FTB faced a significant financial burden, with monthly principal and interest (P&I) payments more than doubling ($2,110 vs $980) since 2013. To mitigate this significantly larger payment, the average FTB relied equally on a 54% increase in household income, while allocating a higher proportion (24% instead of 17%) of their income to P&I.
Despite challenges, the proportion of FTBs among agency home purchase loans surged to its highest level since 2013, accompanied by a notable rise in representation from diverse demographics. In 2023, FTBs commanded a noteworthy 56.3% share of agency loans, with individuals of color representing a substantial 35% - a significant increase from 26% in 2013.
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