First-time homebuyers face severe challenges in the current housing market, leading to a significant decrease in their numbers from 3.2 million in 2004 to just 1.14 million by 2024. Young adults are either living with parents to save money or swapping homes with older relatives. Factors such as interest rates, inventory, and wage growth are not favorable. Many first-time buyers are opting for long-term renting, co-living models, or relying on family support, indicating that access to capital is a critical barrier to homeownership.
In fact, the housing market has become so unaffordable for these buyers, the number of first-time home buyers shrank to a historic low.
The typical first-time home buyer in her market is in their early- to mid-30s and often come from dual-income households earning six figures.
#housing-market #first-time-homebuyers #affordability-crisis #real-estate-trends #generational-challenges
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