Several housing market analysts have expressed concern that a lack of affordability has shut first-time homebuyers out of the market. But the trouble is, there hasn’t been a great measure of how many first-time buyers are actually purchasing homes. Until now.
A recent paper by the Federal Reserve Bank of New York reviewed current measures of first-time buyers to highlight their flaws, then used data from the Fed’s own Consumer Credit Panel, which culls Equifax data from a random sample of U.S. households, to create a more accurate picture.
The results reveal just how many first-time buyers are actually purchasing homes and how this number has changed over time, and the results may surprise you.
The number of first-time homebuyers has remained relatively stable over the years, the researchers discovered, despite the housing market’s ups and downs.
The share of first-timers in the market was about 44% in 2001, falling only slightly to 40% in 2005 as house prices increased.
Then, during the housing crisis, the first-time buyer share increased, exceeding 50% in 2010 as house prices declined. This rate trended downward over the next few years, retreating back to the mid-40% range.
Since 2013, the share began to climb, reaching 46% in 2016. [ read full article from Housingwire.com]
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