All this means is that landlords are emerging as the clear winners.
The Number of First-Time Homebuyers Has Plummeted
According to NAR data shared with Fortune, the number of first-time homebuyers has plummeted from 3.2 million in 2004 to 1.14 million in 2024. Unless there is a significant shift in interest rates, inventory, or wages, Fortune reports that these numbers are unlikely to change anytime soon.
“We’re seeing a reshaping of the housing ladder,” Alexandra Gupta, a real estate broker with The Corcoran Group, told the outlet. “Some first-time buyers are turning to long-term renting or even co-living models because the idea of owning a home has become so out of reach.” Others are relying on family support, she added.
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