Fewer young people buying homes

The percentage of first-time homebuyers dropped to a 27-year low on Monday, according to a new report.

The National Association of Realtors (NAR) found that just 33 percent of homebuyers are purchasing their homes for the first time. That’s a 5-percentage-point drop from last year, according to the NAR.

{mosads}Economists have voiced concerns that young people are delaying major life decisions — such as buying a home — because of a slow economy.

In 1980, only 30 percent of the market share were first-time homebuyers, according to the NAR.

“Rising rents and repaying student loan debt makes saving for a down-payment more difficult, especially for young adults who’ve experienced limited job prospects and flat wage growth since entering the workforce,” Lawrence Yun, NAR chief economist, said in a statement.

The average age of first-time homebuyers remained at 31, which is the same as the last two years, according to NAR.