Many first-time homebuyers are pushing 40 as millennials wait in vain for a better market
The youngest U.S. homebuyers aren’t so young anymore, as a forbidding real estate market turns first-time house hunting into an activity for people nearing 40.
The youngest U.S. homebuyers aren’t so young anymore, as a forbidding market turns first-time house hunting into an activity for people nearing 40.
“No one in their young 20s are buying homes,” said Ricky Voong, a real estate agent in Southampton, Pennsylvania, who has noticed his clientele getting older lately.
Voong is struggling to find properties in the Philadelphia suburbs for Hahmie Lee, 37; her husband, David Matozzo, 31; and their 7-year-old daughter, Luna.
“I definitely took my time, and now I’m just regretting waiting,” said Lee, who has been searching for a new home for the past two years.
Voong showed the couple a single-family home last month in Hatfield, Pennsylvania, that sold for $209,000 back in 2019. Today, it’s listed at close to half a million dollars — out of the family’s price range despite their joint incomes; Lee works in insurance and Matozzo is a police officer.
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