Young people are being squeezed out of the real estate market, which the recent NAR Profile of Home Buyers and Sellers makes abundantly clear. According to the survey:
- The median home buying age in 2024 was 56 years old, the highest on record.
- The median first-time home buying age was 38 years old, an all-time high.
- Only 24 percent of all buyers in 2024 were first-time buyers, an all-time low.
Until our local home supply significantly improves, buying a home will continue to be a challenge for many people, especially young people who are working hard to grow their income and save up for their down payment.
Despite the challenges, we want you to know there are still opportunities for first-time home buyers in this market. And taking advantage of these opportunities becomes a lot easier when you have the right team of professionals supporting you.
At Mad City Dream Homes, we love helping our clients achieve their dream of homeownership. To help you get started on your own dream, we've created our buyer's guide, which we've designed to help you take your first steps.
It's true, buying a home isn't easy in this market. But it's worth the effort. The rewards will last you a lifetime, and your children's lifetime, too.
This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & Realty Executives Cooper Spransy
1619 Monroe Street #1, Madison, WI, 53711
