The average age of first-time homebuyers in the U.S. has reached an all-time high of 38, reflecting a decline in their market share from 32% to 24%. High rent prices, a significant housing shortage of 4 million homes, and increased competition against wealthier buyers are making homeownership increasingly difficult for younger adults. As a result, many renters remain cost burdened, spending over 30% of their income on housing, which hampers their ability to save for a home or pay down existing debt.
The U.S. housing market faces a significant shortage of 4 million homes, impacting affordability and contributing to rising prices, according to the Property Brothers. Despite a slight decrease in median home prices, they warn that without addressing this shortage, future generations may struggle to buy homes. Home equity remains strong, with homeowners holding over $17.6 trillion in net equity, suggesting that long-term investment in real estate can still be beneficial.
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