The ICE report indicates a significant shift in the mortgage market, with purchase mortgages reaching an unprecedented 82% of agency lending in 2023. Generation Z is notably impacting the first-time buyer category, comprising one-fourth of loans issued. Despite challenges like affordability, first-time buyers maintain better activity rates compared to repeat buyers. The trend shows that younger buyers, particularly in lower-cost regions, are purchasing homes at increasingly higher rates, with notable state-specific conditions affecting Gen Z's presence in the market.
First-time homebuyers continue to face affordability challenges, yet their purchasing activity remains robust compared to repeat buyers, who are hindered by existing low payments.
Younger buyers, particularly Generation Z, are seeing increased market share as they capitalize on lower-cost areas, displacing older demographics in the housing market.
Collection
[
|
...
]