Want a View of the Housing Affordability Crisis? These Numbers Show the Trend | Global News Avenue

Housing affordability remains The Challenge of the United States Several data points recently released are just the latest illustrations.

The chart is based on data from the National Association of Real Estate Agents and shows that homebuyers have grown older over the years, but their current levels are at years of highs. At the same time, the median age of home buyers reaches the highest level of 56 in 2024.

As housing costs continue to rise, the median home buyers jumped to 56.

Meanwhile, other data from NAR suggest that in 2024, first-time home buyers offered less than a quarter of home purchases, the lowest level recorded.

“The number of first-time home buyers has declined, and the median age of all home buyers is increasing. You have to be older and wealthy to be able to afford a home,” said Robert Frick, an economist at Naval Federal Credit Union Corporation.

House prices for unhappy income

House prices have been Steadily rising,get Another 3.9% increase in December. Mortgage Rate Keeping nearly 7%, increasing borrowing costs.

Income has not kept up with the rise in housing prices. The latest data from the Atlanta Fed states that buying Median– The price for January is $390,333 and the annual income of buyers is $124,150. This is much higher than the actual median annual income of $79,223.

Without a significant drop in mortgage rates and an increase in housing lists, housing prices may continue to be an entry barrier for young people to enter the housing market.

“The entire starting family ladder to home net worth was taken away. Before we get back to that, the younger generation had to rely on winning lottery or generational wealth or raising jobs just to afford any type of home,” Frick said. “The whole situation is very distorted and unfair.”