First-time buyers accounted for a record-low 24% of the market, according to a new report from the National Association of Realtors.
There have never been as few first-time buyers in the housing market, and the typical first-time buyer has never been as old as they are now.
“First-time buyers face high home prices, high mortgage interest rates and limited inventory, making them a decade older with significantly higher incomes than previous generations of buyers,” Jessica Lautz, NAR’s deputy chief economist and vice president of research, said in a news release.said the gap between the haves and the have-nots in the housing market has grown wider in the last several years.
But Ostrowski said mortgage rates don’t move in lockstep with the Fed’s benchmark interest rate the way some other consumer borrowing rates do, such as credit card rates., which could stay high with no sign the U.S. government is going to reduce its debt. That competition for investor dollars could keep upward pressure on mortgage rates.
Home buyers overall, not just first-time buyers, hit an all-time high of 56-years-old, according to the new NAR report.And the typical home buyer’s median household income rose to $108,800 from $107,000 in the previous year.
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