""When purchasing power declines, fewer people buy homes at 28-but also fewer purchase at 38 or 48. The result is a broad-based drop in home ownership.""
""The less-rich are getting squeezed out, and that trend is uniform across all age groups.""
""The huge divergence between median home prices and household incomes has jumped from 4.3 in 2003 and 5.1 in 2017 to nearly 6.0 today.""
""From 2000 to 2022, the home ownership rate in every age cohort dropped in the 8% to 10% range.""
The average age of first-time homebuyers has not changed significantly over the past two decades, remaining in the mid-30s. Despite rising home prices, the decline in purchasing power affects buyers across all age groups. A study indicates that the home ownership rate has dropped by 8% to 10% for various age cohorts from 2000 to 2022. The affordability issue stems from the growing gap between median home prices and household incomes, impacting potential buyers uniformly regardless of age.
Read at Fortune
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