One of the main desires of Americans is to be able to access the purchase of a house in order to have their own place, but due to the economic conditions, the rise in costs and the growing interest rates make this desire increasingly distant.
According to a report by the National Association of Realtors (NAR), which analyzed the period July of 2021 as of June 2022, citizens who try to buy a property for the first time are the most affected to access the purchase of a home, since that access to properties, at the moment, are not accessible.
In its report, the NAR indicated that people who aspire to buy a home for the first time represented the 26% of all buyers throughout the year ending June 2022, compared to 34% of the previous year. This percentage was the lowest in the 41 years of conducting this annual study.
The proportion of buyers who acquire a first home has been between 30% and the 40 % during the last decade and reached 50% in 2009, according to the NAR. The study indicated that the age of a young homebuyer a year ago was 34 years old, for this one it was of 36 years, while the age of the non-first-time buyer increased from 56 years to 59 years to 2021.
According to the National Association of Real Estate Agents, why the ages have been extended has to do with the fall in the income of those aspiring to buy a property, as well as the rapid increase in housing costs, which has also triggered mortgage rates.
Under this perspective, the NAR pointed out that the family income for first-time home buyers decreased to $71,10 dollars during the year of the measurement, this contrasts with the immediately previous period that represented $86,112 Dollars. Meanwhile, non-first-time buyers had a median income of $96,000, below the $96,500 from the previous year.
Jessica Lautz, vice president of demographic and behavioral information for the NAR, indicated that first-time home buyers face adverse scenarios, since the lack of affordability is playing a key role, which is why it is difficult for them to become homeowners in the immediate term, particularly due to the lack of liquidity.
“They don’t have the capital that regular buyers have for a down payment or to buy cash. They have to save while paying more for rent, as well as student debt, child care and other expenses, and this year they faced rising home prices while mortgage rates are also rising,” he said.
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