First-time homebuyers are older than ever before: National Association of Realtors

Published On Nov 4, 2024, 4:36 PM

The National Association of Realtors reports that the median age of first-time homebuyers has reached 38 years, a significant increase from 35 last year and much older than in previous decades when buyers were typically in their late 20s. This shift highlights the financial difficulties new buyers face, shown by a drop in their share of the housing market to 24%, the lowest since 1981. Factors like inflation, rising rental costs, and high debt levels have made it harder for younger individuals to save for down payments and enter the housing market. The overall median age of homebuyers has also risen to 56, with repeat buyers benefiting from accumulated home equity.