Possible Dumb question, but when we say “home” do we mean like a home- home or is this also counting condos?
I imagine/hope that if we included condos the age would be lower?
In 1986, 6 months after we married, my wife and I bought our first home mortgaged to the hilt. I was 21 and she was 18.
I don’t see Americans ever being able to do that in the future.
According to HUD, if you haven't owned a home for 3 years, you can apply again as a first time home buyer. The age is scewed because if you have owned a home for two years, you can sell the home and not pay capital gains. You can rent for 3 years and reapply as first time.
This reflects a failure in how we manage housing in this country, how we lend money, and selfishness of our older generation in preventing further development (NIMBY). Housing in the northeast means buying a shithole for a million dollars with 20 plus k in taxes.