High interest rates and soaring home prices have largely squeezed younger buyers out of the home market, the National Association of Realtors said Thursday.
In the 12 months ended June 2022, only 26% of homebuyers were first-time purchasers. That’s down from 34% in. the previous 12-month period.
The typical age of first-time buyers was 36 years, a jump of three years from the previous survey.
“It’s not surprising that the share of first-time buyers shrank to the lowest level ever recorded given the housing market’s combination of historically low inventory, persistently high home prices and rapidly escalating interest rates,” said Jessica Lautz, NAR vice president of demographics and behavioral insights.