Nov 20, 2024 - Real Estate
1 chart to go: More millennial homeowners
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More than 11% of homeowners in Portland are under 35 years old, a tick higher than the roughly 10.7% nationally, according to the latest census data.
Why it matters: U.S. homebuyers are now the oldest on record, with the median age of first-timers reaching 38, per a recent report from the National Association of Realtors.
- That's up from 35 last year and marks a new high in NAR data from 1981.
The big picture: Steep housing prices and elevated mortgage rates push homeownership out of reach for many, with younger folks increasingly banking on family money for costly down payments.