ShareNPR
NPR's Jennifer Ludden reports on a new snapshot of just how tough the housing market has been over the past year. The share of first-time buyers is down sharply from a year ago to just 24%, and they’re older than ever with a meeting age of 38. That's according to the National Association of REALTORS®, which has tracked buyers for more than four decades.
Many people have been shut out of the housing market in recent years as prices skyrocketed and mortgage rates shot up. For first timers who did manage to buy, their median income was way up to nearly $100,000. The REALTORS® association also finds a record share of people bought multigenerational homes. The biggest reason they gave was for cost savings.