WILMINGTON, N.C. — The average age for Americans to buy their first home has now jumped to 36 years old. With the purchase price of homes rising by more than 10% since 2021 and a lack of inventory in the housing market, real estate experts are now noticing the age of first-time buyers.
According to the National Association of Realtors, the typical first-time homebuyer in 2021 was 33 years old. Unfortunately for those new homebuyers, the economy isn’t showing any signs of improving, with more than 10 Federal rate hikes continuing to increase since 2021.
“I can’t imagine how hard it must be for millennials to try and enter the housing market today. The boomer era has either bought up most of the inventory and are refusing to sell because of high-interest rates or millennials are waiting on the sidelines praying for a housing market crash similar to what we saw in 2008-2009,” John Goodman, an economist at Mortgage Solutions.
According to Bankrate, the median sale price for a house in North Carolina was $345,300 as of October 2022, which is more than $30,000 less than the current national median of $379,100.
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