(AP) – With home prices high, American families are grappling with the prospect that homeownership might remain out of reach for them for a long time. The median age of first-time homebuyers rose to 38 last year. That’s significantly above historic norms, when median first-time buyers hovered between 30 and 32 years old for decades. Experts say a housing shortage has pushed prices past the point of affordability for many. Coupled with high mortgage rates, many have concluded that renting is their only option. As of last fall, the median homeowner in the U.S. was paying 42% of their income on homeownership costs. Four years ago, that percentage was 28%.
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