(NewsNation) — Affordability pressures are shutting young people out of the housing market, and the median age of first-time homebuyers is now 40, a record high.

That's the oldest age in more than four decades of data and up sharply from 33 in 2021, according to the National Association of Realtors. In 1981, the median age of first-time buyers in the U.S. was 29.

They aren't just older — first-time buyers also make up a smaller share of the market than ever, just 21%, the trade group said in a new report. Before 2008, that figure typically hovered around 40%.

"The implications for the housing market are staggering," said Jessica Lautz, NAR deputy chief economist and vice president of research. "Today's first-time buyers are building less housing wealth and will likely have fewer moves o

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