David ChartierDec 16, 2024

The average age of homebuyers in the US is now 56

The median age of first-time buyers is 38 (up from 34 last year)

The share of first-time buyers dropped from 32 to 24%

The median home price is now $435,000, which is up THIRTY NINE PERCENT since 2020

This is so astoundingly fucked

https://www.cnbc.com/2024/11/04/homebuyer-average-age-rises-to-56-amid-rising-homeownership-costs.html

The average age of U.S. homebuyers jumps to 56—homes are 'wildly unaffordable' for young people, real estate expert says

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.

CNBC
Show thread14missionDec 16, 2024
@chartier That 39% inflation since 2020 is nuts.
We like to think that California sets trends for the country, but it's not in a good way this time.
In my neck of the woods high prices have been driven by decades of NIMBYism and limited construction, but I didn't think those were such big factors nationally.
Show threadJoris MeysDec 16, 2024

@14mission @chartier I don't have the numbers - alas - but I really would like to see a proper analysis on this. Because seeing how many homes are bought by people who already have one (or more) properties, I have a strong feeling that a lot of this price gauge is driven by "investment" buyers, pushing young families out of the market and into rental.

One reason why it makes sense to make buying houses for investment a lot more expensive.

Show threadBrandon WebsterDec 16, 2024
@JorisMeys @14mission @chartier I’m sure real estate investment companies and rich folks are part of the problem, and I have no problem making those investments less profitable. But I think the larger issue is the US just hasn’t been building anywhere close to the amount of houses we would need to house everyone. Look how little has been built since 2008 compared to every year before: https://fred.stlouisfed.org/series/HOUST
New Privately-Owned Housing Units Started: Total Units

View data of the total number of new privately owned homes that began construction in a given month, used as an indicator of economic strength.

Show threadJoris Meys

@bwebster @14mission @chartier you mean investment dropped after the housing market crashed. It's indeed a multi faceted story, and you should look at vacancy rates vs houses on the markets as well.

The US could benefit from more affordable housing, but such socialist ideas are frowned upon. Building for the poor is not as profitable as scaring them with Mexicans eating cats.

https://usafacts.org/articles/how-many-vacant-homes-are-there-in-the-us/

How many vacant homes are there in the US?

Over 15 million American homes — approximately 10% of the country’s housing inventory — were vacant in 2022.

USAFacts
Dec 17, 2024 at 6:28amWeb