"These inheritances have become a lifeline for all these young buyers," says Alexandra Mysoor, CEO of Alix, an estate settlement platform. "Sometimes it's a small amount that goes to the beneficiaries, right? And it's still life changing."
The trend highlights the growing disparity between who can buy a home in the U.S. and who can't, as first-time buyers decrease to 24% of the market.
The median age of first-time buyers rose to a record high of 38, reflecting a demographic shift towards older, wealthier individuals entering the housing market.
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