First-time buyers in one Kansas city have a median age of 40 as young adults say they're priced out

Young adults in Wichita, Kansas, are finding it increasingly difficult to enter the housing market; first-time buyers have a median age of 40, matching last year's record.

Here's what to know

Young Wichita residents told KWCH that home prices remain beyond their budgets, even when a household has two incomes. The National Association of Realtors named housing costs as the biggest hurdle for first-time buyers.

The median age was 54 among first-time buyers who paid in cash, a group that accounted for a record 10% of first-time purchases.

Kirk Short of Wichita Home Team argued that younger adults may prefer flexibility and mobility and choose to put down roots later in family life.

"They really don't want to set their roots in any one place until apparently they're already having kids (or the) kids are gone. And now you've got this 40-year-old buying their first house," Kirk said.

"I'm 52 and to think that there's first-time homebuyers that are older than me is kind of shocking," he added. "It's kind of scary."

More background

For Wichita resident Lauren McMahon, it's the cost of homeownership that has kept her from even starting a serious search.

"Because of how expensive it is, I haven't even thought about buying a house," McMahon said. "I live in an apartment now. My mom had me at 40, so thinking that it would be that long until I would be able to buy a house is crazy."

Wichita resident Irina Honc pointed to another challenge: balancing a home purchase with other major life events.

"I feel like my generation at this time (is) in our 20s and a lot of us are getting married, engaged, having kids," Honc said. "So if you have any other stressors, it's just not feasible to do both at the same time."

For Honc, buying a home will mean years of saving.

"I have a fiancé," Honc said. "We have shared income. He's an engineer and even then we can't afford a house right now. We've looked into it and the market it just way too high, so it's something that's going to (take) many, many years of saving up."

Where can I learn more?

Young adults in Wichita aren't the only ones struggling to afford a home. These stories look at housing costs across the country, renters priced out of buying, and buyers balancing mortgage payments with family needs.

• Typical households can't afford median-priced homes in any U.S. state, putting ownership beyond reach.

• In Utah, rising home prices have left 91% of renters locked out of buying.

• A first-time buyer approved for $440,000 faces a $3,600 monthly mortgage payment consuming half their pay.

• In South Florida, $67,000 salaries confront $600,000 homes, leaving renting a more realistic option.

• Priced out of New York City, an only child seeks neighboring homes for aging parents.

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