The struggles of first-time homebuyers
Summary
First-time homebuyers make up only 21% of the housing market. They are facing very high home prices, costly mortgage interest rates, and strong competition from older buyers known as baby boomers.Key Facts
- First-time buyers account for just 21% of home purchases.
- Home prices are at record-high levels.
- Interest rates on mortgages are high, making loans more expensive.
- Baby boomers are actively buying homes, increasing competition.
- These factors make it harder for first-time buyers to enter the market.
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