Young people aspiring to buy their first home are already facing disappointment this year. Rising prices are putting more homes out of reach, and pickings are slim because few properties came onto the market this spring, when sales traditionally take off.

Millennials are also burdened by heavy school debt and depleted savings that hurt their ability to qualify for a mortgage. Until their incomes start to rise meaningfully, many will be forced to keep hunting for a home while delaying the dream of ownership. This has weighed on overall home sales and economic growth throughout the rebound in housing the past three years.

“People need to see more money in their paychecks before they’ll take the plunge into homeownership,” said Greg McBride, chief financial analyst at Bankrate.

More construction would help buyers, but activity has recovered slowly since 2010. That’s one reason a recent report by mortgage buyer Freddie Mac forecast that the U.S. housing market will continue to see low levels of homes for sale for the next several years.

As a result, even successful buyers are settling for less.

Brett Singley, a first-time buyer in Los Angeles and a father of four, knew the kind of house he wanted and how much he could afford. But after six months of searching, the civil engineer shifted his sights to smaller and less expensive townhomes. In March, he bought one in Santa Clarita, a northern suburb. He got a three-bedroom home for just under $300,000 — $100,000 less than what he was prepared to pay for a house.

“We were originally looking for a four-bedroom house,” said Singley. “But we didn’t have a lot of options.”

The limited supply of homes is widespread. In March, one measure showed it would take fewer than five months to sell all the previously occupied homes in the United States. In a market more balanced between buyers and sellers, it would take about six, according to the National Association of Realtors.

What’s more, heavy demand for low-priced homes means their prices are rising faster. Homes priced at $135,000 or less jumped 9 percent for the year ending in February, according to data from CoreLogic. Homes that priced at $226,800 or more climbed 5 percent over the same period.

Beyond offering more money, some buyers are willing to waive home inspection or give sellers several weeks to move out following a sale, said Ilona Botton, an agent with Redfin in Denver.

In general, areas with fewer homes for sale have stronger job growth that eclipses the pace of construction. Areas with larger inventories tend to keep the availability of housing in line with job growth.

In San Francisco, buyer demand skyrocketed in early 2015 while listings remained tight, resulting in competitive bidding and upward pressure on home prices, according to a recent report by Paragon Real Estate. The same is true for nearby counties such as Marin, San Mateo and Santa Clara.