Finding a home remains challenging for first-time buyers as median home prices have surged nearly 50% over five years, while mortgage rates have nearly doubled and housing inventory has decreased by a third. Homeowners are generally seeing their equity rise, leading many to stay put, which exacerbates market tightness. In 2024, mortgage debt increased to $12.11 trillion, with average mortgage balances rising to $252,505. The median age for first-time homebuyers has now reached 38, reflecting a growing gap in homeownership opportunities for younger generations.
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