New newsletter: HOW THE HOUSING MARKET FOR YOUNG PEOPLE BECAME A 'TOTAL DISASTER' In 1991, the median age of first-time homebuyers was 28. Now it’s 38. This is the hardest time for young people (defined, generously, up to 40) to buy their first home in modern history. The vanishing dream of 20- and 30-something homeownership isn't just an economic phenomenon. It's becoming a political centerpiece. Housing affordability is for voters under 40 what protecting Social Security is for voters over 65. The cities, states, and national parties that figure out how to talk about and ultimately solve this mess to restore housing affordability to Americans under 40 will have a major advantage in the next few years.