Jan 12, 2024 - Real Estate
Virginia's first-time homebuyers are getting older
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It looks like (almost) 40 is the new 30 when it comes to owning a home in Virginia.
Driving the news: The majority of Virginians don't become a homeowner until age 37, according to a recent University of California, Berkeley study.
- That's seven years later than in 1980, when most Virginians owned their first home by age 30.
- In 2000, it was 32, per the study
Why it matters: For young people especially, homeownership is increasingly out of reach.
The big picture: 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.
Zoom out: Across the U.S., buyers are anywhere from two to 17 years older than in 1980.
- Homeownership is most delayed in California, where the majority of people don't own a home until 49, per the study.
- Iowa has the youngest buyers at 29.
The intrigue: Homeownership is still widely cited as a pillar of the American dream.