Median Age of First-Time Homebuyers Hits Record High Amid Housing Crisis
2 minutes ago
- First-time homebuyers' median age rose to 38 due to economic challenges and high home prices.
- First-time buyer share hits lowest since 1981, per National Association of Realtors.
- Housing shortage estimated at 4 million homes, pushing prices even higher.
- Just 24% of 2024 home purchases were by first-time buyers, highlighting financial barriers.
- Jessica Lautz emphasizes need for strong finances amid rising costs.
- High rents and stagnant wages delay home buying, keeping renting periods long.
- Experts warn young people may find it hard to afford homes in the future.