"The original cover had a very cute, young couple who was expecting, and I said, 'That's not going to work,' says Jessica Lautz, deputy chief economist for the Realtors' association. 'We're not seeing young couples, unfortunately, so it didn't match.' Instead, the Realtors went with photo showing a couple near retirement age more representative of the average buyer's age, 59, in today's high-priced market."
"Among first-time buyers, the average age was 40 an all-time high. First-time buyers accounted for only about one in five homes sold during the 12 months ending in June. That's a record low and half the share of first-time buyers a generation ago."
Average buyer age reached 59 in the current high-priced market, while first-time buyers averaged 40, an all-time high. First-time buyers comprised about one in five home sales in the 12 months ending in June, a record low and roughly half the share seen a generation ago. High prices and limited inventory prevent many young adults from entering homeownership. Prospective buyers in their 30s face homes beyond their price range or unaffordable repair needs. Existing owners with lower mortgage rates are staying in place longer, contributing to reduced turnover and fewer starter homes available.
Read at www.npr.org
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