We're seeing homeowners who are tapping into their equity and 401K and competing for properties with first-time home buyers without those luxuries.
Down-payment assistance programs help slightly, but lack of inventory, higher prices, and interest rates are still the biggest pain points preventing our younger generations from starting to build equity through homeownership.
The condo market is attractive to first-time buyers due to its lower price point, but more development is necessary to meet the rising demand.
At the current rate of sales, all the condominiums available for sale in Rhode Island would be sold in just over two months if no new listings went on the market.
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