First-time homebuyers face hurdles despite gradual improvement

First-time homebuyers are increasingly relying on family assistance and multi-generational living arrangements to navigate high home prices and interest rates. Despite a slight improvement in affordability in April 2024 compared to the previous year, prices remain elevated, and a shortage of affordable starter homes persists. The median age of first-time buyers reached 40 in 2023, reflecting growing challenges for younger households.