First-time homebuyers encounter obstacles as prices rise quicker than incomes, analysis finds

of first-time homebuyers since the subprime crisis. The AEI/UI measure provides data on the share of first-time homebuyers among users of agency debt and the NAR, and the share among all purchasers, including cash purchasers. In this paper, we develop a new measure of first-time homebuyers using all sources of mortgage funding.

A decline in the age of first-time homebuyers requires property owners to understand the market and the needs of millennials and Gen Xers.. opposite coast as the most attractive state based on rising home costs. Other markets, like Atlanta, are seeing housing prices rise, reports is about.

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The current run up in home prices can be attributed to market fundamentals. There is a shortage of homes for sale and a historically high level of demand fueled by low interest rates and an improving economy. "One concern is the affordability issue; that occurs when home prices rise faster than family income.

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For the second straight year, the median age of first-time buyers was 32 years old, while these buyers had household income ($75,000) than a year ago ($72,000) and purchased a slightly smaller home (1,640 square feet) than one year earlier (1,650 square feet in 2016) that was more expensive ($190,000, up from $182,500 in 2016).

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Slower home price growth indicates that the rapid rise in home prices in recent years aren’t sustainable as fewer prospective buyers can afford to buy homes or cannot qualify for purchase money mortgages. When home prices rise faster than inflation and wages, home buyers encounter more challenges in their searches for affordable homes.

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