First-time homebuyers, older and wealthier, but often need help from family

Photo by Handiwork NYC on Unsplash 

Written by Jon Bortin | Stacker

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First-time buyers knocking on the door of homeownership in 2024 are still shopping in one of the most difficult real estate markets in decades.

Home prices aren’t far off record highs, with the median sales price at $431,000 in the U.S. Mortgage rates are only a few months removed from 8% for a 30-year loan, the highest in over 20 years. And inventory is still well below pre-pandemic levels.

Still, first-time purchasers made up 32% of all homebuyers in the past 12 months — a share that’s remained mostly consistent over the past 10 years, according to a recently released report from the National Association of Realtors (NAR), reviewed by ConsumerAffairs, which raises the question:

Just what does it take to become a first-time homebuyer today?