According to the National Association of Realtors®’ 2024 Profile of Home Buyers and Sellers, the median age for first-time home buyers has increased:
2023: 35 years old
2024: 38 years old
This indicates a trend of first-time home buyers being older in 2024 compared to 2023.
It’s important to note that these are median ages, meaning half of first-time buyers were younger and half were older than this age. The report also highlights that the overall age of homebuyers has increased significantly, with the median age rising from 49 in 2023 to 56 in 2024. This suggests a broader trend of older individuals being more prevalent in the housing market.
Several factors could contribute to this shift, including:
Rising home prices: Affordability challenges may be pushing back the timeline for first-time homeownership.
Increased student debt: Higher levels of student loan debt can make it harder to save for a down payment.
Changing economic conditions: Economic uncertainty and fluctuations in interest rates can influence people’s decisions about buying a home.
Overall, the data indicates that first-time home buyers are generally older in 2024 compared to 2023, reflecting ongoing challenges in the housing market.
