Finding a home is increasingly challenging for first-time buyers, with median home prices rising nearly 50% over five years and mortgage rates nearly doubling. The number of homes for sale has decreased by a third, leading to a market squeeze. In 2024, total mortgage debt rose to $12.11 trillion, with average mortgage balances increasing to $252,505. Younger homeowners face higher mortgage balances, and the median age for first-time buyers has risen to 38. The outlook for 2025 remains bleak due to low housing inventory and rising insurance costs.
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