Homeownership is increasingly out of reach for young people. According to the National Association of Realtors (NAR), the median age of first-time homebuyers is at an all time high of 38 years, up from 35 last year. In California, the median age is 49 years!

Moreover, the percentage of buyers in the market who were first-timers fell to just 24% — the lowest market level since the NAR began collecting data in 1981.

The high cost of homeownership, driven by a housing shortage and higher interest rates, means many young people simply cannot afford to buy a home.

These younger Americans cannot compete with current homeowners who can use their home equity to pay cash or have a significantly larger downpayment. (one third of repeat buyers paid for the home with cash!).