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First-time homebuyers face hurdles despite gradual improvement
Family help and shared living are helping first-time buyers compete as starter-home shortages and high prices keep ownership out of reach.
- First-Time homebuyers increasingly rely on family help and shared living arrangements to navigate the market, with the median age of first-time purchasers reaching a record 40 years old last year.
- While affordability improved slightly this year as typical family income rose about $6,000, the National Association of Realtors report co-author Evangelou noted a critical shortage of 311,000 starter homes selling for less than $261,000.
- San Francisco median home prices hit a record $2.15 million according to real estate brokerage Compass, yet Setty and Allisha purchased a $170,000 house in Delhi Township, Ohio, without family help.
- Several states considered legislation this year to boost starter home inventory, including a New Mexico law signed in March by Democratic Gov. Michelle Lujan Grisham creating no-interest loans of up to $75,000 for down payments.
- Opposition from the Colorado Municipal League and Florida League of Cities stalled efforts to curb minimum lot sizes, which proponents argue are essential to increasing affordable starter home availability.
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22 Articles
Hanford Sentinel+19 Reposted by 19 other sources
First-time homebuyers face hurdles despite gradual improvement
The idea started with a sermon Micah Longmire heard at his Presbyterian church in Ogden, Utah, about the importance of grandparents in a child’s life. Longmire, now 31, exchanged a look with his mother-in-law. “We were like, ‘I’d be OK…
Coverage Details
Total News Sources22
Leaning Left15Leaning Right2Center2Last UpdatedBias Distribution79% Left
Bias Distribution
- 79% of the sources lean Left
79% Left
L 79%
11%
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