First-time buyer incomes are higher than ever at $85,000
Most people have a vision of their dream home. A nice home with wood floors, a pool, packed to the gills with smart technology, and a bookshelf that opens up to a secret room. A true dream home typically isn’t attainable, its just fun to think about all the ‘What ifs.’
But a first home should be attainable. One with no bells and whistles, just a basic starter home for individuals to dip their toes into the pool of homeownership. However, buying a first home is starting to look more and more like a dream for many people in today’s world, reports Realtor.com.
According to Issi Romem, chief economist of BuildZoom.com, young buyers have incomes nearly 10 percent higher than less than a decade ago and the average household income for first-time buyers is almost $85,000, up from $78,000 from 2004-2007.
The ability to buy a first house is gradually becoming a privilege set aside for a small group of financially select individuals.