A fraction of Metro Detroit homeowners are young
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In Metro Detroit, approximately 12% of homeowners are under 35 years old, based on the latest census data.
Why it matters: U.S. homebuyers are now the oldest on record, with the median age of first-timers reaching 38, per a recent report from the National Association of Realtors. That's up from 35 last year and marks a new high in NAR data from 1981.
- Nationally, 10.7% of homeowners are under 35, per census data.
The big picture: Steep housing prices and elevated mortgage rates push homeownership out of reach for many here.
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 median age of repeat home purchasers rose to 61 from 58 last year, per the report.
What they're saying: "A variety of factors have stretched the timeline to homeownership for younger buyers, and we are definitely seeing that trend here in Metro Detroit," Jeanette Schneider, president of RE/MAX of Southeastern Michigan, told Axios in an emailed statement.
- Schneider said higher inflation and mortgage rates make it harder for those who earn less to afford a home, and when they can, they compete with cash buyers.
By the numbers: The largest homeowner age group in Metro Detroit is 55 to 64 years old, with a nearly 22% share.
What's next: Younger people are increasingly banking on family money for down payments, Redfin research shows.
- "Many young buyers are increasingly relying on inheritances or financial gifts from family members to make their way into the housing market," Schneider said.