"Boston is one of the highest-priced housing markets in the country, so payments are going to be higher there on average," said Elizabeth Renter, a senior economist at NerdWallet. If buyers are willing to adjust their expectations on factors ranging from home features to location, she added, they are more likely to find a home "within a budget that fits the bill."
"Buying a home has always been an aspirational goal for younger adults, something you plan and save for. But the sheer lack of listings is putting this goal further and further out of reach," said Renter.
On a national level, Americans belonging to the first-time home buyer age group spent 49 percent of their income on monthly housing payments in the second quarter of 2024.
In the Los Angeles metropolitan area, the percentage of income spent on housing payments, according to the analyzed data, was 115.
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