Posted 11/14/2023, 11:09:53 AM
Home Buying Remains Out of Reach for Many Despite Slight Upticks, Per New Report
- Share of first-time home buyers ticked up this year but remains near record lows, per new National Association of Realtors report
- First-time buyers made up 32% of market in 2023, up from 26% in 2022 but below 38% historical average
- Average age of first-time and repeat buyers fell slightly this year to 35 and 58 years old, respectively
- Incomes jumped - average household income of home buyers rose 22% to $107,000 in 2023
- Housing affordability eroded due to higher prices and rates, lifting income needed to purchase homes