First-time homebuyers face hurdles despite gradual improvement

First-time homebuyers are increasingly relying on family assistance and multi-generational living arrangements due to high home prices and interest rates. Despite a slight improvement in affordability in April 2024 compared to the previous year, the median age of first-time buyers reached a record 40, with starter homes remaining scarce. The National Association of Realtors reports that while income growth and slightly lower mortgage rates have improved affordability, it remains significantly worse than historical levels.