First-Time Homebuyers Struggle Amid High Prices and Limited Supply
First-time homebuyers in the U.S. are facing significant challenges due to high home prices and limited availability of affordable starter homes. According to the National Association of Realtors, the typical single-family home cost $422,300 in April, marking an increase from the previous year. Despite a slight improvement in affordability due to increased family incomes and marginally lower mortgage rates, the market remains difficult for new buyers. Many are resorting to multi-generational living arrangements to afford homes, as seen in the case of Micah Longmire, who purchased a home with his in-laws. The shortage of affordable homes is exacerbated by a market dominated by repeat buyers who can leverage profits from previous home sales. The median age of first-time buyers has reached a record 40 years, highlighting the barriers faced by younger buyers. 
