With home prices up nearly 40% since 2020, buyers are now wealthier and older, making them more likely to outbid younger buyers with all-cash offers.
  • Alexstarfire@lemmy.worldEnglish
    4·
    18 days ago

    Unless this is the average for first time homebuyers this number isn’t saying what they say it is. What is the purpose of this number? To show that older people have more money to buy houses? No duh. Older people buying more than 1 property is going to skew this number. That older people have more money to buy these houses now than they did in the past?

    • 4am@lemm.eeEnglish
      2·
      19 days ago

      If the market skews heavily towards those who’ve already had a reasonable chance to gain equity and basically then doubled it in the last 3 years then this number is still significant. First time or not, we’re being squeezed out of the market. Those of us who get in late are going to have the bubble pop and be stuck on the hook for a million dollars after interest) we can’t ever get out from under.

      “Rates will go down and you can refinance!” How will I save for closing costs?

      “Housing values won’t go down?” Who has $600k for a 3 bedroom in 2028? Fucking no one? Right.