HOUSING HURDLES: First-time homebuyers are back but paying through the nose
first-time home buyersFirst-time home buyers now represent 45% of all buyers, up from 37% of buyers surveyed last year and rebounding to pre-pandemic levels, according to Zillow’s 2022 Consumer Housing Trends Report. In 2018, first-time buyers made up 46% of the share of all buyers.
Dredden decided to buy a home last month to hedge against rising mortgage rates. She began her search several years ago and pulled out when 15 people started showing up to house showings at a time around a year ago. Home inspectors and appraisers, bombarded with requests, were also unavailable at the time.
First-time homeowners may also have more bargaining power as a number of sellers drop their prices and more homes become available for sale in the market. Price growth is softening on a monthly level nationwide and in many markets across the country, with the largest monthly drop in home values, 0.3%, since 2011. Even as home prices drop, housing affordability still remains a challenge for many first-time buyers.
With mortgage rates nearing 7%, financing the purchase of a $500,000 home would cost around $3,327 per month as part of a 20% down payment, up from $1,976 per month last year when rates hovered around 2.5%. During the pandemic, the share of first-time home buyers dropped as home values skyrocketed and competition remained strong from high demand.
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