When entering the home buyer arena, first-time home buyers face an uphill battle in terms of scarcity of homes as well as affordability. NWI Times staffer Andrew Steele takes a look at the struggles of this generation as well as the the necessary steps they must take to ensure that they are able to land their first home – such as moving quickly on anything they see that is at or below median price.
While this generation faces such challenges as lagging construction (especially in the lower-priced homes that they would be pursuing), a Harvard University's Joint Center for Housing Studies report gives some room for optimism:
"Over the next few years, home ownership will continue to face the headwinds created by a backlog of homes in foreclosure, tight credit, weak income growth and impaired credit histories. But as these pressures ease, there is every reason to expect home ownership rates to show some increase," the study concluded.