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Inheritance Fuels Record Number of First-Time Homebuyers in 2024
The 2024 housing market shows a record number of first-time homebuyers using inheritance for down payments, highlighting increased age, wealth, and a widening gap between buyers and sellers.
English
United States
EconomyUs PoliticsLabour MarketDemographicsHousingMarket TrendsHome Buying
National Association Of Realtors (Nar)Cnn
Jessica Lautz
- What is the key trend observed in the financing of first-time home purchases in 2024?
- A record number of Americans used inheritance to finance their first home down payment in 2024, highlighting the increasing difficulty of homeownership for many.
- What was the key difference in purchasing power between first-time and repeat buyers?
- Repeat buyers had a significant advantage, with a median down payment of 23% compared to 9% for first-time buyers, and 31% paid in cash, showcasing the widening gap in the housing market.
- How did the profile of first-time homebuyers change in 2024 compared to previous years?
- First-time homebuyers in 2024 were older (median age 38) and wealthier (median income $97,000) than in previous years, indicating a shift in the typical homebuyer profile.
- What percentage of homebuyers in 2024 were first-time buyers, and what does this signify?
- Only 24% of homebuyers in 2024 were first-time buyers, the lowest share since 1981, showing a significant decrease in market access for this group.
- What is the notable trend in home living arrangements highlighted in the report and its likely cause?
- The rising popularity of multi-generational living, with 17% of homebuyers in 2024 opting for this arrangement, reflects the growing struggle with housing affordability.