Despite tight housing market conditions, first-time buyers are gaining ground, with their share of conventional mortgages surpassing 50% this year, up from 20% in 2004.
According to Freddie Mac's economists, the increase in first-time buyers can be attributed to the millennial demographic entering prime home-buying ages, alongside the mortgage "lock-in" effect.
Rhode Island stands out with a 14.3 percentage point increase in first-time buyer market share. Its small size and low transaction numbers might exaggerate this trend.
States in the Northeast and Midwest have seen significant gains in first-time buyer share, with Iowa, Nebraska, Wisconsin, and Connecticut also experiencing notable increases.
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