Dec 28, 2023 - Business
Mapped: U.S. homeowners' age is rising
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U.S. homebuyers are getting much older, according to a recent University of California, Berkeley study.
Why it matters: For young people especially, homeownership is increasingly out of reach.
Zoom in: Homeownership is most delayed in California, where the majority of people don't own a home until 49, per the study.
- People are buying homes at least a decade later in life in California, Hawaii, New York, Nevada, Florida, Georgia and Mississippi, compared to 1980.
- Iowa has the youngest buyers (29) and experienced the least change from 1980 (two years).
- Alaska is the only state where homeowners are getting younger. The majority of Alaskans owned a home by 35 in 2021, compared to 36 in 2000.
What's happening: Median U.S. home values have nearly doubled in the last decade. Meanwhile, household incomes have only grown by roughly 13.5% during that same period.
The intrigue: Homeownership is still widely cited as a pillar of the American dream.
- Yes, but: There's a growing share of renters who value being untethered to ownership.
Go deeper: "Nepo-homebuyers": 38% of young buyers use family money for down payments
