By Credit.com
Is buying a first home becoming more a privilege than an American birthright? That’s the provocative question posed recently by Issi Romem, chief economist of BuildZoom.com. And he answers it, cautiously, with data suggesting it’s true.
Romem’s most concerning assertion: Young buyers have nearly 10% higher incomes than they did less than a decade ago. The average household income for first-time buyers—as opposed to home buyers who are trading up—is nearly $85,000, up from about $78,000 from 2004–2007. First-time home buyers now come from higher up the income distribution than they used to, clocking in near the 60th percentile.
