Two years after buying her first home at age 62, Julieta Lopez still wells up with tears as she recounts her year struggle for homeownership in Boston. Four-year-old Jerrik's toy monster trucks are everywhere in the 1,square-foot unit in Campbell, just outside of San Jose. It's only a matter of time before 9-month-old Carolynn starts amassing more toys, adding to the disarray, says their mother, Jenn Petersen.
Steve Petersen, left, and his wife, Jennifer, watch as their daughter Carolynn tries to stand Jan. The year-old chiropractor hoped she and her husband, Steve, a year-old dental hygienist, would have bought a house by now.
But when they can afford a bigger place, it will have to be another rental. Jennifer Petersen, left, plays with her daughter Carolynn at their apartment Jan. Moving out of state is out of the question for the Petersens β they have strong family ties to the area and their income would plummet if they move to a lower cost-of-living area. The issue is widespread and near historic highs nationally: As of last fall, the median homeowner in the U. But the homeownership part? Steve Petersen, left, washes dishes Jan.
The same is true for an increasing number of American families. In , the median first-time homebuyer was 38 years old, a jump from age 35 the previous year, according to a recent report by the National Association of Realtors. That's significantly above historic norms, when median first-time buyers hovered between 30 and 32 years old from to The biggest driver of this trend, experts said, is simple: There are far too few houses on the market to match pent-up demand, driving prices past the point of affordability for many people who are relatively early in their careers.
Coupled with high mortgage rates , many have concluded that renting is their only option. That gap has left many out of the housing market, which for generations has been a way for Americans to build equity and wealth that they can pass down or leverage to buy a larger home. It's also led to widespread worries about housing in the U. Steve Petersen, right, prepares dinner for his 4-year-old son, Jerrik, inside their apartment Jan.
