Average home prices and relatively elevated mortgage rates are the prominent factors in US homebuyers’ affordability crisis. Despite this, first-time buyers still showed up in force to make up half of housing market purchases in 2023.
Zillow Chief Economist Skylar Olsen joins Market Domination Overtime to talk about the most affordable housing markets for prospective home purchasers, especially younger demographics in first-time buyers.
"The metric that’s driving this is the share of the population that is between the ages of 29 and 43," Olsen tells Yahoo Finance, listing the top ten US metro areas for first-time home buyers. "In other words, there are a whole heck of a lot of millennials there experiencing this same life challenge. These were really thriving and popular markets over the course of the pandemic."
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