There has been a lot of talk in the news and on social media about housing affordability, particularly as it relates to first-time homebuyers. According to the National Association of Realtors, “The median age for a first-time homebuyer in the U.S. reached a record high of 40 years old in 2025,” up from 38 in 2024 and just 33 in 2021. This shift reflects rising home prices, higher interest rates, and affordability challenges that are delaying homeownership for younger buyers.

Depending on your age, you may already be aware of this, or you may be witnessing it firsthand with your own children or the 20 and 30 somethings in your life. I personally have two children in their mid-20s, and unlike their father and I, who purchased our first home at age 26, they are nowhere near being able to afford their first homes; at least not yet.

Housing prices have significantly outpaced income growth over the past several years and while wages have increased modestly, home prices have risen at nearly double that rate since 2020. At the same time, rental costs have surged, with average rents increasing more than 20% nationally over the last five years. For many young adults, this means a large portion of their income goes toward rent, leaving little room to save for a down payment. Student loan debt, which affects roughly one-third of first-time buyers, adds another layer of challenge for some.

While many people in their 20s and 30s enjoy the flexibility of renting and a lifestyle free of homeownership responsibilities, there are many who do want to own a home but believe they simply can’t afford it. What many first-time buyers don’t realize is that the required down payment is often far less than they assume. While 20% down is ideal, it is not required. Many conventional loans allow down payments as low as 3%, and FHA loans require just 3.5% and if you are a Veteran, VA Loans require 0% down. In fact, the average first-time buyer puts down less than 10%.

This past year, I had the honor of assisting two young professionals and three young couples in the purchase of their first homes. The youngest buyer was 24 and the oldest was 30. Only two of the five had assistance from a relative; the other three purchased on their own. I share this to emphasize homeownership is possible for those who truly want it; even in today’s market.

I am a strong proponent of paying your own mortgage and building equity rather than paying off someone else’s. Historically, homeowners build significantly more long-term wealth than renters due to appreciation and the forced savings that come with monthly mortgage payments. I love educating first-time homebuyers and becoming a small part of their wealth building journey.

The path to homeownership may look different than it did 20 years ago, but with the right guidance, education, and expectations, it is still very achievable. If you know someone who may need my assistance or may have questions about home ownership, please reach out to me at [email protected] or 404-822-8274

MYTHS vs. FACTS: First-Time Homebuyers

MYTH: You need 20% down to buy a home.

FACT: Many loan programs allow down payments as low as 3–3.5%, and the average first-time buyer puts down less than 10%.

MYTH: Student loan debt means you can’t buy a home.

FACT: Lenders evaluate overall debt-to-income ratios. Many buyers successfully purchase homes while still carrying student loans.

MYTH: Renting is cheaper than owning.

FACT: Rent often increases annually, while a fixed-rate mortgage stays stable and allows buyers to build equity.

MYTH: You need perfect credit to buy a home.

FACT: While better credit can mean better terms, many programs allow buyers to qualify with less-than-perfect credit.

MYTH: It’s better to wait for the “perfect time” to buy.

FACT: The best time to buy is when it makes sense for your financial situation, not when the market feels perfect.

STEPS TO GET READY FOR HOMEOWNERSHIP

1. Get Educated by calling someone like me who can guide you through the process and expectations of a real estate transaction,

2. Talk to a lender early. Even if you’re a year or more away, a lender can help create a roadmap to buying.

3. Start saving; even small amounts.

4. Keep your finances stable; avoid large purchases, work on paying debt off not accruing more.

5. Be Flexible. Your fist home is not your forever home. Think of your first home as an investment to build equity to help you move up later.

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