According to the National Association of Realtors, the income of the average homebuyer in the US increased from $88,000 to $107,000 last year. This surge in income is the highest annual increase on record. However, this rise in income has made homeownership unattainable for many families, as the median income in the US is only about $75,000. The housing market has become more challenging due to rising mortgage rates and home prices, making it harder for people to buy homes. As a result, homebuyers are making larger downpayments to compete in bidding wars or reduce the amount financed with a mortgage. Despite these difficulties, there were still first-time homebuyers in the market, making up 32% of all homebuyers. However, this is still below the historical average of 38%. The age of first-time buyers decreased slightly to 35, while the age of repeat buyers dropped to 58. The majority of buyers reported making financial sacrifices, such as cutting spending on luxury goods, entertainment, and clothes, in order to purchase a home. The demographics of homebuyers are also changing, with an increase in diversity and a decrease in the number of households with children. The share of white homebuyers decreased, while the share of minority buyers increased. This shift is a step towards closing the homeownership gaps between different racial and ethnic groups.
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