Millennial Buyers Struggle With Low Housing Supply, Affordability in U.S.

The National Association of Realtors is reporting this week that despite solid interest in buying a home in the U.S. – sparked by steady job gains, record low mortgage rates and higher rents – the severe drought in housing supply in much of the country over the past year accelerated price growth and kept many first-time home buyers out of the market.

This is according to the National Association of Realtors’ 2017 Profile of Home Buyers and Sellers, which also identified numerous current consumer and housing trends, including: mounting student debt balances and smaller down payments; increases in single female and trade-up buyers; the growing occurrence of buyers paying the list price or higher; and the fact that nearly all respondents use a real estate agent to buy or sell a home, which kept for-sale-by-owner transactions at an all-time low of 8 percent for the third straight year.

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