Expensive housing markets are delaying when people buy their first home.
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Illustration: Sarah Grillo/Axios
The typical age of first-time homebuyers is rising in pricey states like California — and falling in more affordable Midwestern and Southern markets, according to industry data provider Cotality.
Why it matters: High prices, near-6% mortgage rates, and a housing shortage are delaying homeownership for many.
As ResiClub editor Lance Lambert puts it, the first-time homebuyer in 2025 is just as close to taking Social Security as to…
75% of U.S. homes for sale are unaffordable to typical households.
The first-time homebuyer just hit 40 years old for the first time ever, but the average homebuyer is nearly a senior citizen.
Zillow CEO Jeremy Wacksman said supply-side constraints will keep housing unaffordable in the near term.
Home buyers need to make six figures to afford a median-priced home in the U.S.
Despite affordability headwinds, more than half of Gen Z still thinks homeownership is part of the American dream.
