Housing affordability has declined significantly in recent years. The deterioration in price-to-income ratio has been a key factor, as home prices have risen 53% since 2019, while median household income has risen only 24%. This has notably decreased the share of first-time home buyers in the market, which dropped to 21% in 2025 from 44% in 1981. Over that same time frame, the median age for first-time buyers reached a record high of 40 in 2025 from 29 in 1981.
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After a three-year slump, multifamily property sales rebounded in 2025, increasing 15%, as fresh supply came on to the market. This turnaround was broad-based with 80% of metros seeing an increase in sales compared to only 20% of metros in 2024.