New York Times’ Real Estate recently ran some numbers from the National Association of Realtors and concluded this list of first-time buyers which shows first-time homebuyers are still generally millennials, albeit pretty successful ones.
First-time homebuyers are, on average, 32 years old and make $72,000 a year.
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That makes them more well-off than the general population, since $72,000 is roughly the median income for a middle-class family of three. The overall median household income is $56,516.
Not that long ago, real estate was more accessible, and typical first-time homebuyers were younger and less affluent. In 1981, they were between the ages of 21 and 34. And houses served as a key way of accumulating wealth.
Now that property is harder to come by, its benefits are becoming more and more accessible only to those who are already wealthy — or to those who get significant help from their parents.
Some experts see a silver lining. Self-made millionaire and author Grant Cardone regrets buying a home at 30 and warns millennials against making the same poor investment. Guru Tony Robbins agrees: He encourages millennials to save up to purchase income-generating properties instead.
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