According to new research by Zillow, nearly 45m people in the US will reach the typical age of a first-time homebuyers during the next 10 years - 3.1m more than in the past decade - creating more demand in an already challenging market for those looking to buy their first home. The typical first-time homebuyer in the US is 34 years old. There are 44.9m Americans aged 24-33, or potential future first-time home buyers, compared with 41.8m people aged 35-44, or potential past first-time home buyers, a 7.4% increase.

For the past several years, the housing market in the US has been characterised by shrinking inventory and higher prices, particularly in the least expensive third of homes - the homes most likely to be targeted by first-time homebuyers. These starter homes have gained 57.3% in value over the past five years, a median increase of $47,600, while for-sale inventory in this price range has fallen by 23.2%. Over the same time period, the most expensive third of homes gained 26% in value and homes in the middle third appreciated 36.8%.

The growth in potential future first-time homebuyers is more extreme in some markets, including San Diego and Boston, already among the 10 least affordable large housing markets. Both metros will see a nearly 20% increase in the next wave of potential first-time homebuyers compared to the previous wave.