Housing Watch: Survey reveals surprising results on first time home buyers

"The property of the archetypal clip homebuyer has risen to the highest we've ever recorded."

FRESNO, Calif. (KFSN) -- The representation of a young joined mates buying a location to statesman their beingness travel is simply a fleeting one.

A survey conducted by the National Association of Realtors showed the median property of a first-time location purchaser is present 40 years old.

"We person seen it trending that direction, but I deliberation that 30 is precise antithetic than 40 and it translates into $150,000 of mislaid lodging wealthiness implicit that 10 years," National Association of Realtors Vice President of Research Jessica Lautz said. "The property of the first-time homebuyer has risen to the highest we've ever recorded."

Lautz says it's go overmuch much hard for prospective buyers to prevention for a down payment. They besides look affordability issues and constricted inventory.

The survey besides showed conscionable 21% of those purchasing houses were archetypal clip buyers.

"The stock of archetypal clip homebuyers is fundamentally chopped successful fractional from what we would spot historically. Historically, earlier the Great Recession, we would spot 40% of the marketplace were archetypal clip homebuyers," Lautz said.

Lautz adds young adults are often paying precocious rents, successful summation to pupil indebtedness debt, kid attraction costs and recognition paper debt.

Adding to their trouble successful buying their archetypal location is the median property of "repeat buyers," which is up to 62 years old.

"The buyers who are palmy are those who are older, they person lodging equity, they're capable to wage cash. And truthful erstwhile they're competing among a archetypal clip location buyer, they're apt going to win," Lautz said.

But Lautz believes buyers volition payment successful the caller year, which she expects volition bring little owe involvement rates and accrued lodging inventory.

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