Buying a home in this market can be particularly hard for people who haven't done it before. First-time buyers typically have lower incomes and less established credit than repeat home buyers, making initial purchases extremely difficult.
With a down payment of 8%, housing payments on a typically priced home in the second quarter of 2024 would equate to almost half of the median gross monthly income for Americans of first-time buyer age.
The average sticker price for a home in the second quarter of this year was $439,000. Estimated monthly housing payments using this average price were close to $3,500, consuming 49% of income for first-time buyers.
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