First-Time Home Buying Lowest Since 1987
First-time homebuyers make up just 33% percent of the current real estate market, according to a new report released by the National Association of Realtors on Monday.
That number is the lowest point in nearly three decades, since 1987.
“Rising rents and repaying student loan debt makes saving for a down payment more difficult, especially for young adults who’ve experienced limited job prospects and flat wage growth since entering the workforce,” NAR chief economist Lawrence Yun told Mortgage News Daily. “Adding more bumps in the road, is that those finally in a position to buy have had to overcome low inventory levels in their price range, competition from investors, tight credit conditions and high mortgage insurance premiums.”
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