First-time homebuyers are older than ever before, National Association of Realtors survey finds
FILE-A for sale sign is displayed outside a home for sale in Los Angeles, California. (Photo by PATRICK T. FALLON/AFP via Getty Images)
First-time homebuyers are now the oldest on record, based on findings in a recent survey.
The median age of 38 years old for new homebuyers is up from 35 years old last year and represents an increase from the 1980s when first-time homebuyers were in their late 20s, the National Association of Realtors' (NAR) annual survey of buyers and sellers noted.
According to the survey, the ages of first-time and repeat homebuyers reached an all-time high with the median buyer age peaking at 56 years old, up 49 in 2023. The age of repeat homebuyers also jumped to 61 years old, which is up from 58 years old last year.
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Data for the survey included transactions between July 2023 and June 2024 and provided background on home buying and selling behavior. Stats from the report also found that the number of first-time homebuyers dropped to a record low.
Separately, the number of first-time homebuyers in 2024 declined to 24% between July 2023 and June 2024, a dip from 32% during the prior year. The NAR noted in their report that this represented the lowest share of homebuyers since the organization began gathering data in 1981.
NAR Deputy Chief Economist Jessica Lautz tells FOX Business that the survey shows how the scarcity of housing inventory and housing affordability has affected young consumers in the market for a home.
Lautz also explained to FOX Business that possible first-time buyers "also likely had a difficult time even considering saving for a down payment with inflation, rental costs, student debt and other loan payments."