Many would-be buyers are frozen out of the housing market
13 days ago
- #economic challenges
- #first-time buyers
- #housing market
- First-time homebuyers are getting older, with the average age now at 40, an all-time high.
- First-time buyers account for only about one in five homes sold, a record low.
- Many young couples are priced out of the market due to high home prices and lack of affordable inventory.
- Existing homeowners are staying in their homes longer (average of 11 years), reducing available inventory for new buyers.
- High costs of necessities and existing debt (student loans, medical bills) make it difficult for first-time buyers to save for a down payment.
- Economic uncertainty and job market concerns are causing some potential buyers to delay purchasing a home.