Millennials Dip Into Savings to Buy Homes as Housing Market Remains Unaffordable
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Millennials are flooding the housing market as first-time buyers, just like baby boomers did in the 1980s when facing high mortgage rates and inflation.
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The typical first-time homebuyer is 35 years old, squarely in the millennial age range, according to the National Association of Realtors.
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Median household income for homebuyers jumped 20% to $107,000, showing how unaffordable housing has become for younger generations.
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Millennials are dipping into 401ks, stocks, and crypto to come up with downpayments as wages haven't kept pace with home prices.
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FOMO may be pushing more first-time buyers to act now before rates and prices potentially rise even higher.