First-time homebuyers in America are hitting an unprecedented milestone, and it’s not one they’ll be celebrating.
The median age for first-time homebuyers in the US has reached a record high of 38, three years older than the previous year, reflecting economic challenges and higher home prices, according to the National Association of Realtors.from the National Association of Realtors , the median age for first-time buyers has surged to 38 — the oldest on record and up three years from just last summer.
“The biggest issue of housing today” is this shortage, Orphe Divounguy, senior economist at Zillow, pointed out to the outlet.The housing shortage, currently estimated at 4 million homes, has driven up prices, making it difficult for younger adults to save and qualify for mortgages.Some construction gains were made recently, with single-family home projects seeing a 2.7% uptick in September, but the housing market remains under severe pressure.
“When we look at the average homebuyer, for older buyers, they have about $300,000 in home equity versus younger millennial buyers,” Selma Hepp, chief economist at CoreLogic, told CNBC.Meanwhile, renters are finding themselves stuck in place as rent costs continue to outpace wage growth. At the height of 2022, rents spiked by 16% annually, while wages peaked at only 9.3%, according to Indeed.
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