F
irst-time homebuyers face unprecedented challenges in today's real estate market. According to the National Association of Realtors, just 24% of this year's homebuyers are first-timers, a record low that highlights concerns about affordability and accessibility. This is a significant drop from the pre-2008 era when nearly 40% of buyers were entering the market for the first time.

    The dynamics have changed dramatically, making it harder for people to save up for a down payment. In the past, a single-income household could realistically save for a home in a few years, but today it often takes dual incomes, strict budgeting, and years of disciplined saving. Younger buyers also face other financial challenges like high rent, student loans, and credit card debt.

    High rental costs alone make it difficult for nearly half of first-time buyers to set aside anything for a down payment. Student loans add another layer of difficulty, with the average debt now in the tens of thousands. Saving for a down payment has become increasingly out of reach for many, with today's first-time buyers putting down an average of 10%. Some loan programs are available with 5% or less down, but rising home prices make it necessary to put even larger amounts of cash upfront just to stay competitive.

    This shift in demographics among homeowners is reflected in the age of first-time buyers. The median age has now reached 38, a dramatic change from the 1980s when the average first-time buyer was in their late 20s. The delay in homeownership means young professionals are waiting longer to settle into communities, which can have lasting impacts on neighborhoods, schools, and the local economy.

    In Ashland, where home prices are often higher than in surrounding areas, these barriers are felt even more acutely. Addressing these challenges and finding creative ways to support first-time buyers will be essential to fostering a balanced, thriving community that serves all ages and stages of life. Despite these challenges, homeownership remains the single greatest source of personal wealth in the U.S., offering a place to call your own and a pathway to build long-term financial security.