First-Time Home Buyers Now 34, Face Longer Paths

0:00On March 19th, new research reveals the average age for first-time home buyers has risen to 34, up from 29 back in the mid-19. 90s. These days, just 6% are under 25, a sharp drop from 23% 3 decades ago. Over the last 10 years, fewer first-time buyers have kids, falling from about a third to a quarter of them. At the same time, more are pulling multiple full-time incomes, with 52% doing so, now compared to 40% in the 1990s. Aspiring buyers show they're ready to make sacrifices, as 79% say they compromise to get in the door. Top trade-offs include skipping outdoor space at 21%, or settling for a place farther from work or in worse shape. Nearly three quarters would move about 12 miles from their ideal spot. Experts point to longer education, delayed careers and families, plus house prices outpacing wages, and tough renting costs as big drivers.

1:00Many are buying later than planned, and typical mortgages now stretch repayments into the mid-60s. Lenders are urged to keep innovating with flexible options amid rising rates and global uncertainties, helping keep home ownership within reach for. Those hitting the market later in life.