Over the last year, first-time buyers have made up just 24% of home purchases in the United States. This is the lowest figure since it was tracked back to the early 1980s.
The primary cause, in short, is affordability. Between higher prices, higher interest rates, an increase in homeowners insurance, the cost of ownership is still pretty high.
On top of that, many buyers are paying top dollar for rent, making it harder to save, especially on top of their other monthly debts, such as student loans and credit cards.