First-time home buyers in San Francisco are getting older
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Only 7% of homeowners in San Francisco are under 35 years old, compared to 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.
The intrigue: The median age of repeat home purchasers rose to 61 from 58 last year, per the NAR report.
The latest: Some couples looking to purchase homes are asking loved ones for cash instead of traditional baby or wedding gifts.
Reality check: Those "who don't have family money are often shut out of homeownership," Redfin chief economist Daryl Fairweather said in a research report.
- In time, this could widen the homeownership gap between Black and white families, an Urban Institute analysis suggests.
What's next: President-elect Trump's proposals to blunt the high cost of housing include easing construction regulations and making more federal land available for development.
- But experts say there is no quick fix for the challenges plaguing the home market.