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US Homebuyers: Older, Wealthier, and Fewer
Rising home prices and interest rates have made homeownership in the US increasingly difficult for younger generations, with older and wealthier individuals now dominating the market.
Greek
Greece
EconomyUs PoliticsLabour MarketLifestyleFinanceHousingAffordabilityMarket Trends
National Association Of Realtors (Nar)Cnn
Jessica Lautz
- How is the intense competition affecting home prices and buyer behavior?
- The intense competition in the housing market has given sellers more power; many homes are selling at or above the asking price, and 23% of buyers paid over the asking price.
- What alternative living arrangements are people resorting to due to high housing costs?
- High housing costs are forcing many Americans to seek alternatives, such as living with family or friends; the number of people doing so has increased to 17%.
- What is the average age of first-time homebuyers in the US now, and how does it compare to previous years?
- The average age of first-time homebuyers in the US has risen to 38, significantly older than 15-20 years ago when it was 27-28. This is due to increased home prices and interest rates making homeownership less accessible to younger generations.
- What is the average annual income of first-time homebuyers, and what does this signify about home affordability?
- The average annual income of first-time homebuyers is now $97,000, higher than previous years, indicating that only wealthier individuals can afford to purchase homes.
- What percentage of first-time homebuyers used financial assistance from family or inheritance, and how does this compare to previous years?
- About 25% of first-time homebuyers used loans or gifts from family and friends, a higher percentage than in previous years but lower than the pre-pandemic average. A record 7% used inheritance funds.