First-time homebuyers face hurdles despite gradual improvement

First-time homebuyers are increasingly relying on family financial support and multi-generational living arrangements due to high home prices and interest rates. While affordability improved slightly in 2024 compared to 2023, starter home shortages and elevated prices persist, pushing the median age of first-time buyers to 40. Prices remain 4% below 2022 peaks after inflation adjustments, but income margins for typical home purchases have narrowed significantly.