Gen Z and Millennials Are Avoiding High Interest Rates — But It Can Be Risky, Real Estate Expert Warns The typical age to purchase a first home is 36 — the oldest ever on record.
By Amanda Breen Edited by Jessica Thomas
Key Takeaways
- High mortgage rates and home prices mean a tough market for young buyers.
- Still, those who can afford it might regret sitting on the sidelines for too long.
Mortgage rates have skyrocketed in recent years, reaching their highest levels in more than two decades last October at a 7.9% average contract rate for a 30-year fixed-rate mortgage, Reuters reported.
Although rates have come down slightly since then, home prices remain high, per CNN Business. It's a frustrating predicament for many Americans, 39% of whom frequently feel like they're stuck living where they are, according to a new poll commissioned by Built and conducted by Talker Research.
The rest of this article is locked.
Join Entrepreneur+ today for access.
Already have an account? Sign In