Average Homebuyer Age Increases While Share of First-Time Buyers Hits New Low

Elevated home prices have been a barrier to first-time homebuyers for the last several years, and the National Association of Realtors’ recently released 2024 Profile of Homebuyers and Sellers survey bears this out. According to the survey, the share of first-time homebuyers has dropped to a record low of 24%, down from 32% last year. Meanwhile, the average age of homebuyers hit a record high, with overall buyers now averaging 56 years old, first-time buyers averaging 38 years old, and repeat buyers averaging 61 years old. Sellers are also older, with a typical age of 63, the highest on record.

Also of interest is that 17% of homebuyers bought a multigenerational home, which is the highest share ever recorded. 

“The U.S. housing market is split into two groups: first-time buyers struggling to enter the market and current homeowners buying with cash,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “First-time buyers face high home prices, high mortgage interest rates and limited inventory, making them a decade older with significantly higher incomes than previous generations of buyers. Meanwhile, current homeowners can more easily make housing trades using built-up housing equity for cash purchases or large down payments on dream homes.” Read more