First-time Home Buyers Are Back, Despite Affordability ChallengesBy RISMedia Staff
First-time home buyers are finally starting to come back into the market, with the percentage of buyers who are first-timers growing from 7% in 2021 to 45% in 2022, according to a new report from Zillow released this week.
Zillow’s 2022 Consumer Housing Trends Report takes a deeper look at buyers and provides a snapshot of what housing consumers are thinking and doing in mid-2022. Key highlights:
While the housing market is still skewed in the direction of older generations, younger first-time homebuyers are starting to see more opportunities in the market again, according to the report. "First-time buyers now appear to be making relative gains as high mortgage interest rates disproportionately encourage current homeowners to stay put," said Zillow population scientist Manny Garcia. "The flow of homes into the market is slowing, suggesting homeowners are likely comparing their current low mortgage rate to today's rates and deciding not to move. While rising mortgage rates are hurting affordability for all buyers, first-time buyers may be less deterred by higher rates because they're comparing a monthly mortgage payment to what they're paying in rent." For the full report, click here. |
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