This is a YouTube video titled "Less Millennial First Time Homebuyers !" containing a monologue or presentation discussing the decline in first-time homebuyers in the housing market, focusing on millennials and market factors such as high prices and interest rates as of November 16, 2024.
First time homebuyers make up a big piece of the housing market, but they're making up less and less of a piece of the pie right now. What's going on? The average age for a first time homebuyer has gone from in the 1980s, late 20s to today 38 years old for people buying their first house on average. And it's just the sheer prices of houses and higher interest rates right now that are putting people on the sidelines. If you look at the pie chart, first time homebuyers last year in 2023, made up 32% of the housing market. Now they're down to 24%. This is the lowest on record for the last 50 years. But keep in mind that the current generation, the millennial generation, is biggest of all time. So there's a ton of people in the first time homebuyer phase in their, you know, early 30s to late 30s that would be buying a house. They're on the sidelines, so we shouldn't neglect them. There's a ton of people that there should be more first time home buyers than ever. There's not just because of the market factors, but I think once rates come down, if house prices kind of calm down, they'll come flooding back in the market to be a bigger part of today's housing market.
