Buying your first home used to be a milestone that people reached in their 20s or early 30s, but today’s housing market is pushing that first big purchase closer to 40. More and more millennials are finding themselves stuck in a cycle of waiting and hoping that prices will drop or mortgage rates will improve only to see the market grow even more competitive and expensive. For example, 37-year-old Hahmie Lee and her husband David Matozzo, 31 have been house-hunting in Pennsylvania for two years but keep getting outbid despite their two-income household. 

Their story reflects a broader trend: the median age of first-time homebuyers is now 38, which is a dramatic shift from 29 in the 1980s. Rising prices, stubbornly high mortgage rates, and economic uncertainty are keeping younger buyers on the sidelines. Many are stuck renting places they’ve outgrown, while still dreaming of a backyard or more room for kids. Even though housing inventory is starting to grow, affordability remains a major barrier, especially with median monthly mortgage payments hitting record highs.

Experts say waiting for the market to “get better” may not be a winning strategy. If buyers are financially ready, it may be smarter to purchase now and refinance later. Otherwise, they should focus on building wealth in other ways like regularly saving into retirement accounts. As the market stands, housing is still out of reach for most, and for millennials in particular, the dream of homeownership feels more like a race against time.