Younger Buyers Rushing into Housing Market Despite Compromises on Home Size and Location
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Younger first-time homebuyers are purchasing homes earlier than expected by making compromises like buying smaller homes or expanding location preferences.
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38% of first-time buyers under 30 are purchasing homes sooner than they planned to, compared to 18.4% of buyers over 30.
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65.2% of buyers under 30 said they would accept a smaller living space, versus 47.2% of buyers over 30.
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53.3% of younger buyers said they purchased their dream home, compared to 72.6% of older buyers.
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The upcoming federal budget on April 16th is reportedly focusing on measures to increase the supply of affordable housing.