Changing Demographics: The Evolving Profile of Homebuyers in America

The National Association of Realtors (NAR) annual report reveals that while more first-time homebuyers entered the market in the past year, a significant portion of them were wealthier buyers who could afford the rising prices and interest rates. The report shows that the median income of US homebuyers increased, with first-time buyers reporting a 35% jump in median income compared to the previous year. Limited inventory and high prices continue to pose challenges for moderate-income buyers, with many renters feeling pessimistic about their ability to afford a home. The desire for homeownership remains a strong motivator for first-time buyers, but achieving the American dream seems increasingly difficult for many.