The average age of U.S. homebuyers jumps to 56—homes are 'wildly unaffordable' for young people, real estate expert says - eviltoast
With home prices up nearly 40% since 2020, buyers are now wealthier and older, making them more likely to outbid younger buyers with all-cash offers.
  • Davel@lemmy.mlEnglish
    6·
    11 days ago

    The median age of first-time buyers also rose from 35 to 38, while the share of first-timers dropped from 32% to 24% of all buyers for the year ending July 2024. That marks the lowest percentage since NAR started tracking the metric in 1981.

    The median U.S. home price is now $435,000, per NAR — up 39% since 2020 — while the average 30-year fixed mortgage rate has more than doubled to over 6% in that time.

    An 18% down payment — the median percentage buyers put down, according to NAR — on a $435,000 home comes to $78,300. That’s a significant expense, nearly matching the annual U.S. median household income of $80,610, per U.S. Census Bureau data.

    • HubertManne@moist.catsweat.com
      2·
      11 days ago

      satan! its going to be 40’s soon. 30 year mortages paid off in your 70’s if you don’t remortgage. It really is just rent with more steps.