High rents, high debt and increased competition are three things buyers overcame to purchase their first homes this year, according to a National Association of Realtors executive.
The NAR released its 2015 Profile of Home Buyers and Sellers on Nov. 5, which reported the percentage of mortgage originations that went to first-time buyers fell for the third straight year in a row to its second lowest level in history.
"We know rents have been steadily rising in many markets and this has a direct impact on the abilities of many renters to save for a new home purchase," NAR Director of Survey Research and Communications Jessica Lautz said. "Seventy-seven percent of first buyers were renting before they bought. That tells us they weren't just moving out from their parents' basements."
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