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The share of sales to first-time buyers has dropped to a record low 24%, according to a recent report by the National Association of Realtors®, or NAR. And first-time buyers who do show up have aged almost a decade. Traditionally, Americans got a foothold on the property ladder during their late 20s. Today, the median age of first-time buyers is 38. By the time many Americans can afford a home now, they have missed out on 10 years of wealth creation that older generations enjoyed. There is a gender element, too. Single women buying their first home are six years older than single men. Lower median incomes mean they need more time to save a down payment. However, they are giving priority to getting on the housing ladder. At 20%, single women's share of first-time home purchases has jumped to more than double that of single men. Homeownership is a luxury that many young families can no longer afford. Nearly three-quarters of people who bought homes between July 2023 and June 2024 had no children under 18 living with them—another all-time low in the NAR's records. True, falling birthrates and the fact that couples are starting their families later play a role here. But it is also a sign that more American parents are stuck renting. Unable to lock in their housing costs with a 30-year, fixed-rate mortgage, they are exposed to future rent inflation.