First-time homebuyers are getting squeezed out by investors (sales, home sales)

[DFW_FTW]

"Investors are coming in and pushing out the first-time buyers," says Lawrence Yun, chief economist for the National Association of Realtors. He says the percentage of home sales that went to investors rose to 22% in January, up from 15% a year earlier.

Meanwhile, sales to first-time homebuyers fell from 33% a year ago down to 27% in January. Under more normal conditions, first-time homebuyers would make up about 40% of sales, says Yun.


A recent Zillow report found that in 481 U.S. cities, the value of a typical home is now at least $1 million. "The number of cities that crossed the $1 million threshold in 2021 is almost triple that of cities reaching those heights in 2020, underscoring a record-setting year of home appreciation," according to the report.


https://www.npr.org/2022/02/18/10817...t-by-investors

[Xalistiq]

Sadly, I think we are entering a new economic reality, where the chasm between the haves and have nots only increases.

Inflation is here to stay, and real inflation rates, which are +15% or more are unlikely to abate and continue to reduce spending power of the average American.

American households were already over leveraged pre-pandemic, and it’s only getting worse. Unfortunately, Millennials and Gen Z’s are collectively the unluckiest generations in history - two major financial crises, a once-in-century pandemic, insanely high inflation, and now homeownership is out of reach for all but those with significant savings or high incomes.

To quote someone prolific, “Millennials didn’t enter the market, the market entered them. Without lube”.

[EDS_]

Originally Posted by Xalistiq

Sadly, I think we are entering a new economic reality, where the chasm between the haves and have nots only increases.

Inflation is here to stay, and real inflation rates, which are +15% or more are unlikely to abate and continue to reduce spending power of the average American.

American households were already over leveraged pre-pandemic, and it’s only getting worse. Unfortunately, Millennials and Gen Z’s are collectively the unluckiest generations in history - two major financial crises, a once-in-century pandemic, insanely high inflation, and now homeownership is out of reach for all but those with significant savings or high incomes.

To quote someone prolific, “Millennials didn’t enter the market, the market entered them. Without lube”.

Okay. What do you mean the real inflation rate is +15% or more?

As to M's and Zoomers being the most unlucky generations in history that's categorically asinine.

[DFWGuy422]

Originally Posted by Xalistiq

American households were already over leveraged pre-pandemic, and it’s only getting worse. Unfortunately, Millennials and Gen Z’s are collectively the unluckiest generations in history - two major financial crises, a once-in-century pandemic, insanely high inflation, and now homeownership is out of reach for all but those with significant savings or high incomes.

To quote someone prolific, “Millennials didn’t enter the market, the market entered them. Without lube”.

The generation born from 1900-1920 might have something to say about millennials being the unluckiest generation ever.

[DFW_FTW]

Originally Posted by DFWGuy422

The generation born from 1900-1920 might have something to say about millennials being the unluckiest generation ever.

let me make it simple for everyone.

All humans born without a silver spoon are the unluckiest folks on this planet.

[biafra4life]

Originally Posted by DFWGuy422

The generation born from 1900-1920 might have something to say about millennials being the unluckiest generation ever.

Yep. Two world wars, the Great Depression, the Holocaust, Hiroshima and Nagasaki, Jim Crow...yeah I would say to millenials "it could be worse".

That being said, it doesnt change the fact that things are not looking great if you are a millenial today and you werent born with a silver spoon.