There is a notable difference between young homebuyers aged 30 and below, and older millennial homebuyers in the age range of 31 to 40.
Generally, older millennials have advanced further in their careers, have a more stable income and are already homeowners who are considering a move-up purchase. In contrast, younger people have more financial challenges when competing to buy homes since they are just beginning their careers, have less or no credit history, limited or no savings and generally lower levels of income, according to a CoreLogic blog by its principal, economist Archana Pradhan.
The slim supply of homes for sale is pushing up home prices. Since 2021, record-breaking home price growth has created affordability challenges, especially for young homebuyers.
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