First-time homebuyers in the U.S. are getting older. The median first-time homebuyer has reached an all-time high age of 38 years old, three years older than in July 2023, according to the National Association of Realtors’ 2024 Profile of Home Buyers and Sellers report. This summer, the NAR polled 5,390 buyers who purchased a primary residence between July 2023 and June 2024.
In the 1980s, the typical first-time buyer was in their late 20s.
“The first-time homebuyer who can enter into today’s market is older, has a higher income [and] is wealthier,” said Jessica Lautz, deputy chief economist at NAR, pointing out that higher home prices require bigger down payments.
Additionally, the share of first-time homebuyers on the market decreased over the past year from 32% to 24%, the lowest since NAR began collecting data in 1981.
Factors including the nationwide housing shortage, competition against wealthier buyers and high rent prices make it more difficult for younger adults to buy their first home, according to experts.
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Author: Ana Teresa Solá
