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The average age of homebuyers in the US has increased from 49 in 2023 to 56 in 2024, indicating that younger Americans are being priced out of the market due to high ownership costs. The National Association of Realtors’ report also reveals the median age of first-time buyers has gone up to 38, and their share among all buyers dropped to 24%, the lowest since tracking began in 1981. This trend is primarily attributed to rising homeownership costs, with median U.S. home price increasing by 39% to $435,000 since 2020 and the average 30-year fixed mortgage rate more than doubling to over 6% in the same period.
I have always believed that companies are not people, and it is about time we stop treating them as such. Kamala Harris’s recent announcement to curb Wall Street’s homebuying spree is a much-needed step in the right direction. The fact that companies like Invitation Homes are monopolizing the housing market and negatively impacting renters is appalling. They are evicting tenants at alarming rates, increasing rents exponentially, and skimping on property maintenance while reaping huge profits.
The consequences of allowing Wall Street to own a significant portion of single-family rental properties are far-reaching. Not only are they exploiting millennials and families in need of affordable housing, but they are also distorting the market and undermining the American dream of homeownership.… Continue reading
Mortgage rates have jumped back over 7% as stronger economic data rolls in. This news comes as a surprise to many who were hopeful that the rates would continue their downward trend. The previous decrease in rates was largely speculative, with hopes that the Federal Reserve would cut the funds rate in March. However, with strong job data and the Fed suggesting the need for more patience, it makes sense that the rates have gone back up.
As someone who is currently in the market for a house, these rising rates are disheartening. The dream of homeownership is slowly slipping away as the interest rates become more and more unfavorable.… Continue reading
John Q. Hosedrinker