Millennial first-time homebuyers are older, struggling to buy houses

has left the latest generation of hopeful owners with fewer options and stiffer competition for listings.

Perhaps the most striking shift is the age of new homebuyers. The median age of someone purchasing their first home in 1981 was 29. Over the next 30 years that figure barely creeped up, rising to just 30 in 2010. But in the past decade, the median age has ticked up even higher, reaching a record of 36 last year.

"We see more buyers in small towns, outer suburban areas, rural areas, and those are more affordable areas overall where a buyer can purchase on a lower income," Lautz said.

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