""The fact that it's been going up is this affordability challenge. People are having to wait longer to save up and find their way into a down payment.""
""We aren't expecting any relief in the short term. I think it's just going to take a while.""
""Home prices are up 60% compared to pre-pandemic figures as the country endures a prolonged housing shortage, estimated at about 4.7 million.""
""One of the central pillars of the American dream is becoming increasingly decoupled from the other key rites of adulthood.""
The median age of first-time homebuyers in the U.S. reached a record high of 40, influenced by rising home prices and low supply. Traditionally, homebuying coincided with marriage and starting a family, but many are now delaying this milestone. High interest rates and a housing shortage of approximately 4.7 million homes exacerbate the situation. Economic factors, including rising gas prices and fears of job loss due to AI, further complicate homeownership for younger generations, leading some to seek financial help from parents.
Read at Fortune
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