The ongoing rise in home prices is creating a significant divide in the housing market, with first-time buyers facing unprecedented challenges amidst increased cash purchases by existing homeowners.
First-time buyers made up just under one in four homebuyers, marking the lowest percentage since the National Association of Realtors began tracking this data in 1981.
The typical first-time buyer is now 38 years old compared to 35 the previous year, with a household income that has risen by $26,000 over two years.
High home prices, soaring mortgage interest rates, and a limited inventory are leading to a decade-older demographic of first-time buyers, reflecting shifts in the market.
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