Q2 affordability obstacles hinder would-be first-time home buyers

The typical would-be first-time buyer faces significant hurdles as home prices remain largely unaffordable, especially in populous areas, hindering their chances to purchase.

First-time buyers typically have lower incomes and less established credit, making it extremely challenging to purchase a home in the current market conditions.

Housing payments for first-time buyers equate to almost half of their median monthly income, highlighting the financial strain of homeownership in today's market.

While options like larger down payments or choosing less desirable homes could ease the process, many hopeful buyers find these solutions unfeasible.

Read at www.ocregister.com