From NAR
The National Association of REALTORS® reports that young buyers are increasingly being priced out of the housing market due to rising home prices, higher interest rates, and limited inventory.
Key Challenges:
- Affordability: Home prices have outpaced wage growth, making it difficult for young adults to save for a down payment.
- Competition: Limited housing inventory and competition from older, wealthier buyers have further marginalized younger buyers.
- Economic Factors: High student loan debt and increased cost of living expenses have also hindered the ability of young adults to enter the housing market.
Implications for REALTORS®:
- Client Education: Inform young clients about available assistance programs and alternative financing options to help them navigate the challenging market.
- Advocacy: Support policies that address housing affordability and increase inventory to make homeownership more attainable for younger generations.
- Market Adaptation: Adjust marketing strategies to effectively reach and assist young buyers facing these challenges.
Staying informed about these trends enables REALTORS® to better serve young clients striving for homeownership.
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