The typical first-time homebuyer in the U.S. is now 40 — the oldest on record, according to a report by the National Association of Realtors.

Why it matters: High prices, 6% mortgage rates, and a shortage of affordable houses are delaying homeownership for many.

State of play: First-timers made up 21% of buyers between July 2024 and June 2025 — a new low in data going back to 1981.

The latest: Perhaps another scary thought for first-time buyers is President Trump's recent pitch for a 50-year mortgage, which critics note would lower a homeowner's monthly payment but greatly increase their interest over the lifespan of their mortgage and keep homeowners in debt essentially their entire adult lives.

Yes, but: Some economists told NPR the half-century mortgage is not that different from a 30-year in that most sell or refinance their homes during the life of that loan.

The bottom line: 40 is the new 30.

Who else is buying

Wicker Park is reeling after two long-standing institutions announced they are closing.

The latest: Smoke Daddy announced it's closing in January after 31 years on Division Street.

Yes, but: The Wrigleyville location will stay open.

Zoom out: The barbecue spot was a mainstay in the neighborhood, anchoring a wave of new restaurants in the mid-'90s.

• Smoke Daddy outlived most of its counterparts, long since replaced by newer, trendier spots west of Ashland Avenue.
• The restaurant group tells Block Club they will reopen something new in that space.

Last week, Volumes Bookstore on Milwaukee Avenue said it will also close its doors in January. The indie bookstore says it can't compete with the new Barnes & Noble that opened up nearby.

More notable 2025 closings

✝️ A group of Chicago-area clergy is suing the Department of Homeland Security, saying it's violating their religious rights by blocking them from ministering inside Broadview. (Axios)

🪖 The Texas National Guard's deployment to Illinois cost nearly $5 million, according to one analysis. (Axios)

🎅🏼 It's that time again! The CTA holiday train and bus will be out next Friday. (Block Club)

The School of the Art Institute of Chicago (SAIC) reduced staff at the influential Video Data Bank, raising concerns from artists about its future.

Why it matters: Video Data Bank (VDB) is considered one of the premier archives of video art. It lends its collection to museum exhibitions, film festivals and universities and art schools.

• Contents of the archive have appeared at the Museum of Modern Art, the Art Institute of Chicago, Tate Modern and many other places.

Driving the news: SAIC let go VDB director Tom Colley and two others on Nov. 12, leaving only two staffers remaining, per an email circulating on social media from Colley, former director Abina Manning and cofounder Kate Horsfield.

What they're saying: In a letter obtained by Axios signed by "artists, scholars, and cultural workers invested in the future of VDB," the signatories described the cuts as detrimental to sharing video art in public spaces, as well as reducing institutions' access to the content critical to teaching the art and its history.

• Colley declined to speak to Axios at this time but shared the email posted to social media.

The other side: "The Video Data Bank is not going away; however, in order to maintain and distribute its collection, we needed to adjust staffing levels. This was a challenging but necessary decision that allows us to protect our core teaching mission and preserve the future of the Video Data Bank," SAIC spokesperson Bree Witt told Axios in a statement.

Flashback: Horsfield and Lyn Blumenthal founded VDB in 1976 out of SAIC's video department, and it has grown to include more than 600 artists and over 6,000 titles, according to the letter.

What's next

🗓️ Mark your calendar with our Event Board.

Glow in the Snow at The Promontory on Dec 20: Expect neon lights, icy vibes, live DJs, and the city's flyest crowd all under one roof. This isn't just a party. It's a winter experience you don't want to miss. $0-$220.

Hosting an event? Email [email protected].

👋 Hi, it's Justin! Today's coffee recommendation is ... a lot.

The place: Pick Me Up Cafe (4882 N. Clark St.)

The vibe: The legendary spot still has the 24-hour vibes from its old location in Lakeview (even though it's no longer 24 hours). It's more of a diner than a cafe.

The coffee: A reader recommended I try the "Zombie." Are you ready for this? It's three shots of espresso, two large cups of brewed coffee, steamed milk, whipped cream and drizzled chocolate and caramel sauce. Say whaaaaaa?

• The menu asks, "Available in decaf, but what's the point?"

The verdict: I didn't die? I drank about half of the jumbo cup and was wired for a few hours after.

The service: Incredible. The barista/server was cheering me on. It was really fun.

☕️ 11-word review: You only live once if the Zombie doesn't kill you first.

More coffee reviews

Let's get our pre-Thanksgiving party on with Axios Office Hours at The Hideout on Tuesday!

State of play: The event is designed for all of us to get together in person to give thanks over a pint or two.

Our special guests: Ald. Andre Vasquez (40th) and mixologist Katie Renshaw.

• Also, let's put some of those Survey Says answers to good use! We'll try them out on the audience.
• The show is free to all. Doors open at 6pm.

RSVP here