Owning a home can be a great way to accumulate wealth in the U.S., but the barrier to entry is steep, especially now. That may be why, though many experts agree that millennials should be buying — or saving to buy — homes, it seems like relatively few are.
The New York Times' Real Estate section crunched data from the National Association of Realtors and came up with a profile of first-time buyers that makes clear that at least some of the concern that young people are shrugging off home-ownership is misplaced: The median first-time buyer is a millennial, albeit a pretty successful one.
First-time home buyers, the Times reports, are overwhelmingly white (79 percent), born in America (78 percent) and child-free (60 percent) but still married (58 percent). Their first foray into domestic real estate almost always takes the form of a detached single-family house (82 percent).
And the median first-time home buyer is a 32-year-old who makes $72,000 a year.