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oung buyers today face a tougher market than their parents did. The National Association of Realtors reports that half of first‑time purchasers this year are 40 or older—up from an average age of 35.4 a decade ago. Home‑buying has shifted toward middle age, but the trend is not permanent. When it eventually fades, younger people will be able to afford homes before they need reading glasses to sign the paperwork.

    I’m writing this as my final column after nearly 25 years covering mortgages and real estate. For those who feel discouraged, I want to put the current climate in perspective and highlight reasons for optimism.

    The affordability crisis we’re in is the third I’ve witnessed. The first began in the late 1970s, when baby boomers hit 30 and demand surged. Home prices climbed sharply from 1977 to 1980, while 30‑year mortgage rates spiked—peaking at 18.63% in 1981. The second crisis hit in the early 2000s, when Gen Xers in their 30s and 40s sought ownership. In 2005, more than 7 million existing homes sold, the median price rose 12.4% (the first year it exceeded $200,000), and 30‑year rates hovered above 6%. Lenders offered products that made homes seem affordable—interest‑only loans, adjustable‑rate mortgages with low introductory rates, and loans that didn’t require income verification. When the rates adjusted, many borrowers found their payments unaffordable, leading to widespread foreclosures and the Great Recession.

    These cycles repeat roughly every 20–25 years. Now, 20 years after the last crisis, the next generation is again struggling to find affordable homes. History shows that such periods end, and I believe this one will too—though not as tumultuous as the 1980s or the 2000s.

    What’s driving a gradual easing of affordability? Three factors converge. First, the inventory of homes for sale is rising. Second, prices and rents are stabilizing; the typical price increased only 1.2% year over year in November, slower than overall inflation. Third, mortgage rates have settled. Since September, 30‑year fixed rates have hovered between 6.25% and 6.5%, and experts predict they will stay below 6.5% in 2026. As buyers gain leverage and rates remain steady, the market will slowly become more accessible, though the improvement will be incremental.

    Affordability is only part of the equation. Young buyers also want homes that are affordable to purchase, insure, and maintain, while offering nearby amenities like airports and cultural activities. The simplest advice—if you’re willing to relocate—is to move to a city where prices are lower. Midwestern urban centers such as Columbus, Madison, and Pittsburgh offer affordable housing, lower insurance costs (thanks to fewer natural disasters), and plenty of recreational options, especially in college towns.

    For those tied to expensive metros, don’t give up. Speak with real‑estate agents and mortgage professionals. They can identify low‑down‑payment programs, first‑time buyer grants, builder incentives, or credit‑building strategies that might unlock a mortgage. If the market still isn’t in your favor, renting may be the pragmatic choice, especially if you value proximity to family and friends.

    There is no current housing bubble, and we shouldn’t expect a sharp price collapse like the 2006–2011 decline. Instead, the market is likely to adjust gradually, offering a path toward homeownership for those who plan strategically.

    I’ve enjoyed writing about mortgages and real estate for all of you. If owning a home remains a goal, use the information above to navigate the market wisely.