First-Time Buyers

First-time buyers now make up just 24% of all home purchases – the lowest share since 1981 – and the median age has climbed to 38. But the down payment problem isn’t new, and most buyers have more options than they realize. Here’s what they’re missing.

A 37-year mortgage banker explains the gap between what lenders approve and what you can really afford, with a simple framework and the math behind both numbers.