First-time homebuyers accounted for just 26% of all home purchases in 2022, the lowest level in 41 years. Not only is the share of first-time house hunters dwindling, but according to Fortune, it’s also aging. The average first-time buyer in America is 36 years old, the oldest age recorded since Fortune began tracking such data.
Rising home prices and borrowing costs are forcing prospective buyers to put off home purchases and wait for an improvement in affordability, but limited for-sale supply could sustain high prices even during a market correction. That doesn’t necessarily mean it’s time for first-timers to throw in the towel just yet. A number of programs and resources are available to help young Americans afford homeownership.
For example, many state and local governments sponsor down payment assistance programs for first-time buyers. Federal Housing Administration loans, offered through the U.S. Department of Housing and Urban Development, can allow first-time buyers to put down as little as 3.5% of a home’s purchase price.
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