The average age of homebuyers in the US is now 56
The median age of first-time buyers is 38 (up from 34 last year)
The share of first-time buyers dropped from 32 to 24%
The median home price is now $435,000, which is up THIRTY NINE PERCENT since 2020
This is so astoundingly fucked
1. The commodification of housing by private equity hedge funds. Blackrock. Blackstone.
https://www.washingtontimes.com/news/2024/mar/15/in-shift-44-of-all-single-family-home-purchases-we/
https://slate.com/business/2021/06/blackrock-invitation-houses-investment-firms-real-estate.html
2. Money laundering using residential housing. Housing is a safety deposit box for the corrupt & criminal.
https://www.occrp.org/en/news/report-us-real-estate-is-no-1-destination-for-laundered-dirty-money
3. Price fixing of rents reduce capacity to save for a home
https://www.dailykos.com/stories/2024/6/5/2244971/-FBI-raid-on-real-estate-company-linked-to-Harlan-Crow-s-RealPage-rental-price-fixing
@Npars01 @chartier FWIW the US has become arguably the best destination for money laundering due to a toxic combination of "pro-business" legislation and lax enforcement.
Casey Michel's excellent book "American Kleptocracy" takes a deep dive into the problem, and its startling geopolitical implications (remember Paul Manafort? case in point).