Americans now have to be richer than ever to buy their first home, as home prices and interest soar.

The US market has gotten a bit more favorable for buyers since its frenzied peak in 2022, but it’s still a tough nut to crack for first time buyers.

First time buyers make up the smallest share of sales on record last year at only 26%.

Rising borrowing costs and high prices pushed housing to the most unaffordable levels in records that go back nearly 40 years.

The Spring homebuying season is on the horizon, but inventory is slim so it’s still an uphill battle.

Nicole Bachaud, senior economist at Zillow Group Inc, told Bloomberg, “We’re far from affordability for the masses. The scales are shifted toward homebuyers with higher incomes and a better financial background. This will be the norm until we get more inventory in the market.”