According to data from the National Association of Realtors (NAR), the median age of first-time homebuyers in the United States has indeed increased over the years. Here are the key points:
- Median Age Trends:
- In 2023, the median age for first-time homebuyers was 35 years old, which is higher than the 28-to-33 range documented in the past 40 years of NAR surveys.
- This represents a shift from previous decades when younger individuals typically entered the housing market.
- Repeat Buyers:
- For repeat buyers, the median age was 58 in 2023.
- This suggests that repeat buyers tend to be older and more established.
- Changing Demographics:
- Demographic information for homebuyers has shifted. 70% of buyers did not have a child under 18 living with them, which is the highest share ever recorded by NAR.
- Married couples represented 59% of buyers, down from 65% in 2013 and 73% in 1981.
- Single women accounted for 19% of homeowners, while single men were 10%.
- Challenges for Younger Buyers:
- Younger homebuyers face structural challenges, including rising costs of higher education, job insecurity, and the burden of retirement savings.
- Entering the housing market has become more difficult for younger people due to these factors
Other sources:
Home Buyers in the US Have Been Getting Older from 1981 to 2023
The US housing market has entered bizarro world
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