According to NAR's annual Profile of Home Buyers and Sellers, the percentage of first-time homebuyers has plummeted to 24%, marking an 8% decrease from the previous year—the lowest share in history. The average age of these buyers has also risen to 38, while their median household income increased to $97,000. The report illustrates a stark contrast in the housing market, highlighting challenges first-time buyers face compared to current homeowners who often purchase properties with cash in a competitive environment characterized by high prices and interest rates.
"First-time buyers face high home prices, high mortgage interest rates and limited inventory, making them a decade older with significantly higher incomes than previous generations of buyers."
"The U.S. housing market is split into two groups: first-time buyers struggling to enter the market and current homeowners buying with cash."
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