America's homebuyers are older than ever
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U.S. homebuyers are now the oldest on record, with the median age of first-timers reaching 38, according to a new report.
Why it matters: That's up from 35 last year and marks a new high in data going back to 1981, the National Association of Realtors (NAR) announced Monday.
The big picture: Steep housing prices and elevated mortgage rates push homeownership out of reach for many.
Case in point: The share of first-time buyers in the housing market has fallen to a record low of 24%, per the NAR report, which analyzed transactions between July 2023 and June 2024.
The intrigue: The median age of repeat home purchasers rose to 61 from 58 last year — meaning someone taking out a 30-year mortgage could be 91 when the loan matures.
- Yes, but: Nearly a third (31%) of repeat buyers paid with cash for their homes, according to the report.
Between the lines: White buyers continue to make up a large majority (83%) of home purchasers, the report found.
What's next: Younger people are increasingly banking on family money for down payments, Redfin research shows.
The bottom line: Becoming a homeowner has never felt harder.
