From the article:
That’s a historic high, up from an average age in the low-to-mid 40s in the early 2010s.
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.
I suspect many of those buyers are investor/landlords,
and they are gonna get their asses haded to them.
Also from the link:
The average age of homebuyers is now 56, up from 49 in 2023, according to the National Association of Realtors’ annual state-of-the-market report released Monday. That’s a historic high, up from an average age in the low-to-mid 40s in the early 2010s.
And the median age of first-time home buyers is 38 years old! That’s nuts! The idea of someone in their 20’s getting married and buying a single-family home is essentially a pipe dream for most people. At some point it will level off but I would still bet that being able to afford a single-family home will be out of reach for those in their 20’s and early 30’s.
the government will have to print housing stamps as well as food stamps
And yet they (the gov’t but especially the Fed) keep subsidizing demand.
If the Gov’t says:
“Hey everybody! I’ll give you low interest loans to buy gas. Free money to buy gas and special programs to buy gas.”
What do you THINK will happen to the price of gas?
(and what will happen to the price when the programs cannot be continued?)
The survey found that first-time homebuyers had a median household income of $97,000, up from $95,900 last year
Median household income in the US in 2023 was $80,000. Seems like a problem.
The rising age of homebuyers and declining first-time buyer share highlight growing affordability challenges in today’s housing market.
I quickly looked at the headline of this article and saw jumps to 56"…
dunking basketballs…
