Homeownership is becoming elusive for Gen Z, as the share of first-time home buyers hit an all-time low of 1.14 million, constituting only 24% of the market. The median age for first-time buyers has risen to 38, underscoring the difficulties in entering the housing market. Gen Z faces economic challenges, including high unemployment and debt levels. This generation is confronting a housing affordability crisis and limited housing inventory, making the dream of homeownership seem like a distant fantasy compared to previous generations.
The share of first-time home buyers hit an all-time low last year, with 1.14 million new purchasers representing only 24% of the market share.
The median first-time buyer age increased to 38 years old in 2024 from 35 the previous year, reflecting the challenges to entering the housing market.
Gen Z, facing significant unemployment and debt, may have to wait even longer to get into the property market.
Owning a home, once a reality for many in their 20s, has become increasingly out of reach for the youngest generation.
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