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First-Time Homebuyers Hit Record Low Amid Rising Prices

7/11/2025

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Summary

Story summary

In 2024, the number of first-time homebuyers in the U.S. plummeted to just 1.14 million, a stark contrast to 2004's figures. With mortgage rates hovering around 7% and median home prices exceeding $422,000, many young buyers are left renting or seeking family assistance. Experts emphasize the importance of careful planning and patience in this tough market.

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Story summary

In 2024, the number of first-time homebuyers in the U.S. plummeted to just 1.14 million, a stark contrast to 2004's figures. With mortgage rates hovering around 7% and median home prices exceeding $422,000, many young buyers are left renting or seeking family assistance. Experts emphasize the importance of careful planning and patience in this tough market.