ATLANTA — The average age of first-time homebuyers in Georgia has risen to 40, according to a recent study by the National Association of Realtors.
This shift in demographics is attributed to economic pressures, including inflation and rising costs of living, which are delaying major life milestones for many potential buyers.
Channel 2’s Lori Wilson spoke with a loan officer about the trend and why she hopes that will change.
“Everybody’s squeezed right now with inflation up, rent, groceries, prices on homes, and even mortgage interest rates, people have less money,” said Allen Floyd of Floyd Realty Advisors.
Brittany Purcell, a loan officer with Academy Mortgage, has observed this trend over her 25 years in the industry.
“The median home buyer is between 40-41. There’s been very much a shift,” she noted.
Despite the challenges, Purcell remains optimistic about the opportunities for home ownership. “There’s so many programs out there for every age group, every different situation and I just don’t think people know that,” she said.
“I just want to scream or shout from the roof tops... you can own a home!” Purcell added.
Floyd also highlighted that the current market conditions favor buyers, as houses are staying on the market longer, creating a buyer’s market.
“The craziest part is, we’re in a buyers market. Sellers are wanting to move that house,” he explained.
While the average age of first-time home buyers has increased, opportunities still exist for those looking to enter the housing market, with various programs available to assist potential buyers.
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