Core Insights - The median age of first-time homebuyers has reached a record high of 40 years in 2025, significantly increasing from the late 20s in the 1980s, indicating a shift in homeownership trends [2][5] - The rising age of first-time homeownership reflects the growing challenges in achieving the "American dream," despite a generally prosperous economy [3] Economic Implications - Homeownership has transitioned from a standard milestone to an almost unaffordable luxury, particularly exacerbated by the pandemic [4] - Monthly mortgage payments have surged to a median of $3,106, nearly double the $1,597 payment recorded in January 2020, driven by soaring home prices and mortgage rates between 6% and 7% [4] Financial Barriers - First-time buyers face multiple financial obstacles, including high rent and student loan payments, which hinder their ability to save for down payments [5] - The proportion of first-time homebuyers has dropped to 21% of home sales, a record low, compared to around 40% before the 2008 housing crash [5]