The research found New York City to be the 10th worst city for first-time home buyers in 2024 with high costs of living and a tight housing market.
, last year’s first time buyers only made up 32% of the U.S. market, historically, it has been an average of 40%.In the 1980s, many Americans in their late 20s became homeowners. In comparison to today, first time buyers are in their mid 30s.
“For most Americans, unfortunately, 2024 is a very difficult year to buy a home, said Anthony W Orlando, associate professor at California State Polytechnic University. “High interest rates and high prices are a financially challenging combination,” he said. In comparison, the study found that the top three cities to purchase a home for the first time are located in Florida.
Palm Bay in Florida, while a small city, leads the country’s housing market due to its active home listings per capita and new building permits per capita. Those who wish to buy a home have a wide range of options, from older homes to brand-new homes.
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