First-Time Homebuyers Hit Record Age, Buying Becomes More Attractive

0:00The latest headlines, weather, and stories right here on Tampa Bay News today. The average age for first time homebuyers has hit a record high of 40 years old according to the National Association of Realtors. This marks a big shift from past decades with many people renting longer before taking the plunge into ownership. Take Harry Torres, a 39-year-old single dad from Pasco County, Florida. He spent his whole life renting apartments just like his family before him. When his landlord sold the condo, Torres crunched the numbers and decided buying made more sense than keeping up with rising rents. Mortgage broker Melani Thompson helped guide him through the process. Torres spelled overwhelmed at first, especially after a rocky start with his bank. But Thompson says plenty of first-timers feel the same way. She notes the market is easing up for buyers right now. Mortgage rates are at their lowest in three years, and sellers are pitching in by covering closing costs and repairs. Adjustable rate mortgages like the popular 5-1 ARM

1:01as are drawing lots of interest with rates in the high fours for FHA loans. Lenders are getting creative to match payments close to rent amounts. This trend means more folks like Torres are building generational wealth later in life. With the right help, zero-down options are even possible, making home ownership feel within reach despite affordability hurdles. This episode is brought to you in partnership with our sponsor. A pillow that sounds as good as it feels. Built for listening in bed, S-O-L-I-SoliPillow.com