multi-generational households

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.

First-time homebuyers are navigating high home prices and interest rates, with many relying on family financial support or multi-generational living arrangements. Despite slight affordability improvements in April 2024 compared to the previous year, starter homes remain scarce, pushing the median age of first-time buyers to 40. Examples include a Utah family contributing $200,000 to help their daughter purchase a Tennessee home, and a Cincinnati couple buying a house without family assistance.

First-time homebuyers are increasingly relying on family support and multi-generational living arrangements due to high home prices and interest rates. Despite some affordability improvements in April 2024, the median age of first-time buyers reached a record 40, with a shortage of affordable starter homes slowing market progress.

First-time homebuyers are relying on family assistance and multi-generational living arrangements due to high home prices and interest rates. Despite some affordability improvements in April compared to the previous year, the median age of first-time buyers reached 40, and a shortage of affordable starter homes persists.