In this week's edition: First-Time Buyers, 50-Year Mortgages, and a Market Misread:

For years, we’ve heard the same refrain: if younger buyers simply saved a few dollars here and there, homeownership would suddenly fall into place. It’s a comforting idea, but it has very little to do with the reality younger generations are facing.

I think about this often because I have two young adult children of my own. They’re happily renting great apartments downtown, close to their friends, their social lives, and the energy of the city. They’re not in a rush to buy, and I completely understand why. A couple of their peers have recently purchased apartments, but always with significant help from parents. It naturally makes me wonder: When will it be the right time for my own children? And how much should my husband and I help? I don’t have clear answers. But I do know this: the landscape they’re navigating is very different from what their parents or grandparents experienced.

Generational comparisons often assume everyone began on the same playing field. Home prices have grown far faster than incomes for decades, and the gap has continued to widen.

And here’s an important nuance: Millennials and Gen Z are earning more than previous generations did at the same age. This point is illustrated clearly in an Economist article published last year, “Generation Z is unprecedentedly rich”.

“The average 25-year-old Gen Zer has an annual household income of over $40,000 — more than 50% above the average baby-boomer at the same age.”

So the issue isn’t earnings potential. Younger adults earn solid wages; they’re just up against a housing market where those wages don’t stretch nearly as far.

This is why the path to homeownership today bears little resemblance to what Gen X, Boomers, or the Silent Generation experienced. It’s not about willpower or budgeting discipline. It’s math.

It Depends on the Data.

NAR’s recent report made headlines with a striking claim: the median age of first-time buyers has risen to 40, the highest on record.

But methodology matters.

NAR’s findings rely on consumer surveys. The New York Fed, drawing on credit data, a far larger and more reliable dataset, places the median first-time buyer age at 38. And when looking at average age instead of median, the Fed finds something even more surprising: the average first-time buyer is roughly 36, and that average has actually declined slightly over the last 25 years.

So has the typical first-time buyer gotten older?

The answer varies depending on which measure you use:

What is consistent across all analyses, however, is that affordability challenges have reshaped timelines, forcing many would-be buyers to delay purchasing or rethink their approach.

When you really look at the data, the story becomes much clearer. The average first-time buyer today is roughly the same age as, or slightly younger than, the average first-time buyer 15 to 20 years ago — about 36. That stability surprised me when I first dug in. Meanwhile, repeat buyers have gotten older and older, which makes sense: they’ve built equity, they can trade up, and they can move even in a tough market.

For younger buyers, including my own kids and their friends, the roadblocks aren’t lattes or lifestyle choices. It’s the bigger pressures: prices that have outpaced wages, years of limited housing supply, and the simple math of saving in a market that moves much faster than they can. That’s why the usual generational clichés feel so out of touch.

The gap between wages and home prices is what’s reshaped the path to homeownership.

All of this raises another reality many families, including mine, are quietly navigating today: if the math has shifted this dramatically for young buyers, what role do parents now play in helping their adult children bridge the gap? And what does that help look like in a market where home prices and wages no longer move in tandem? That’s where the story turns next.

A recent New York Times article, “They Cashed In. Now, They’re Helping Their Kids,” highlights a growing reality: more parents are stepping in to help their adult children buy homes, not out of extravagance, but because the structure of today’s housing market has changed so dramatically.

We’ve long referred to this dynamic as the “Bank of Mom & Dad,” but the scale and the underlying reasons behind it look very different today.

After decades of rising home values, many parents now find themselves in a position to help, whether through down payments, co-signing, or offering free or reduced rent so their children can save. But here’s the nuance: while more families are stepping in, many young buyers cannot rely on this option at all, and the opportunity is unevenly distributed.

Many NYC families are helping their children with their rent for a period so they can save more aggressively. It isn’t extravagant, but it feels practical. And in this market, this can be just as valuable as writing a large check.

The broader reality is that today’s housing landscape — with prices outpacing wage growth and mortgage rates still elevated — has made the launch into adulthood more complex than it was for previous generations. Financial literacy, earning power, and discipline all matter, but structural affordability matters more.

As more parents step in to fill the gap, it raises important questions about access and equity. Homeownership is increasingly influenced by whether one’s family can help, not simply by an individual’s financial readiness.

It’s a trend worth watching — and one that underscores how deeply the housing landscape has shifted, even for those earning solid incomes.

The 50-year mortgage idea resurfaced last week when FHFA director Bill Pulte reportedly pitched it to the White House. The public response was immediate and overwhelmingly negative, and the underlying math explains why.

On a typical $3,000 mortgage payment, borrowers would save only about $300 a month, yet pay roughly $550,000 more in interest than they would on a 30-year loan. Longer terms also tend to come with higher interest rates and stricter underwriting, since lenders take on more risk. For many buyers, the loan would extend well into retirement, reducing long-term financial flexibility.

There is also a broader market concern. As we saw during the pandemic, lowering monthly payments does not make housing more affordable. It pushes prices up. A widely adopted 50-year mortgage would likely inflate values further, while slowing equity-building for the very households it is meant to help.

The United States is already unusual in its reliance on long-term fixed-rate mortgages. Extending them even further does little to address the real affordability challenges facing buyers today.

Housing needs thoughtful supply solutions, not financing structures that trade short-term relief for long-term cost. The 50-year mortgage simply solves the wrong problem.

Thanksgiving is one of those rare holidays that feels both intimate and expansive — a quiet pause in the year that invites gratitude, good food, and the comfort of familiar rituals. Every home celebrates it differently. In ours, the traditional turkey always shares the table with Persian rice, saffron, and warm spices. It's a blend of cultures and memories that somehow feels exactly right for the season.

As we head into the holiday, I wish you and your loved ones a warm, abundant, and truly memorable Thanksgiving.

The homes below each offer a different aesthetic: from sun-washed coastal retreats to elegant, light-filled interiors. All, however, share the same potential for festive gatherings, unforgettable meals, and the quiet traditions that make a house feel like home during the holiday season.

Few cities capture the holiday spirit quite like New York, and these homes offer beautiful vantage points for it.

If you are interested in any of these properties or any other properties, please reach out to me below:

If you’re considering buying, selling, or need strategic guidance going into 2025, I’m here to help you navigate with clarity and confidence.

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