First-time US homebuyers at a generational low.
First-time US homebuyers at a generational low.
Why is the number of first-time US homebuyers at a generational low?
Typically, when demand drops, prices follow. But even when the number of buyers dropped, prices kept climbing. The median price of a single-family home hit record highs in 2024, and has only continued going up. In May, the median price was $427,800 – up from $357,100 in 2021, when home prices started to climb.
At today’s prices, a family would need to earn $126,700 a year to afford monthly payments on an average home purchased in 2024, up from $79,300 annually in 2021, according to a report from the Harvard Joint Center for Housing Studies.
Economists say a historically low inventory of existing homes, coupled with sluggish new construction, is keeping prices high.
All over my are there are shit tons of new
starting at $350-400kThere isn't a damned shortage. There is a shortage of affordable homes. Who is afording these
is beyond me because the jobs in the area don't pay nearly enough and there can't be that many upper management / C-suite families that can afford them. I am seeing banks offering Zero down / no PMI like in 2008. Like they are baking another housing crash.