Manageable rents and flexibility are reasons people aren’t buying houses.
First-time buyers are making up less of the homebuying market, Realtor.com reports.
While younger adults delay the process of purchasing their first home, typically due to affordability and financial flexibility concerns, other segments of buyers are impacted.
“For the housing market, meanwhile, first-timers represent fresh demand,” Andrea Riquier of Realtor.com writes. “Without them, current homeowners can’t sell homes and move up; without move-up transactions, many older people can’t sell and downsize as part of retirement.”