First-Time Home Buyers Struggling Amidst an Unforgiving Market
First-time homebuyers don’t have it easy in today’s housing market. According to a report by Trulia, over the past six years starter homes have been getting pricier, smaller, and poorer in quality. With some of the lowest inventory on record, starter homes have been far more affected by these problems than any other category of housing that Trulia tracked. As supply shrinks, first-time homebuyers will be expected to spend far more of their income on buying their first home than new homebuyers in the past. Trulia doesn’t have an optimistic view of the 2018 buying season for young homebuyers plagued by a “perfect storm.” Millennials looking to settle down and start families of their own will have to hold tight for the near future.