A recent report from John Burns Research and Consulting reveals a significant decline in homeownership among 30-year-olds in the U.S., now at only 33% compared to 47% in 1984. The report indicates that the average age of first-time homebuyers has increased to a record 38, with cultural shifts, rising home prices, and economic factors influencing this trend. Additionally, traditional life milestones, such as living independently and marriage rates, are being delayed, contributing to the current housing landscape. Overall, the findings underscore long-term implications for builders and the housing market due to these demographic changes.
Changes in family sizes and birth rates are reshaping housing demand in the U.S., with long-term effects for residential builders, developers, and investors.
Shifting cultural norms, limited housing options, and the growing cost of homeownership mean that fewer would-be first-time homebuyers are opting to venture into homeownership.
The run-up in home prices during the [COVID-19] pandemic and climbing mortgage rates... only built on the challenges presented by the decade-plus housing supply gap.
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