Older, White and Wealthy Home Buyers Are Pushing Others Out of the Market
In an annual study of home buyers and sellers, the National Association of Realtors confirmed some fears about the dire housing situation: younger moderate- to middle-income buyers have been virtually shoved out of the market by older, mostly white buyers, many of whom plunk down cash. First-time buyers made up just 26 percent of the market between July 2021 and June 2022—the smallest share in 41 years. And a whopping 88 percent of buyers were white, locking out many people of color from one of the usual routes to building wealth. The lack of affordable starter homes is the main culprit, according to one expert.
