Utah's homeowners are among America's youngest
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More than 14% of homeowners in the Salt Lake metro are under 35 years old, compared to roughly 10.7% nationally, according to 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, which goes back to 1981.
The big picture: Steep housing prices and elevated mortgage rates push homeownership out of reach for many.
Zoom in: Salt Lake's large share of younger homeowners likely reflects the relatively young age of Utah's population.
- Provo, Ogden and Logan had even larger shares of under-35 homeowners, all ranking among the top 15 of nearly 400 U.S. metros.
By the numbers: For homeowners under 45, Utah's cities are even more dominant, with four of five metros ranked in the top 25.
- In Provo-Orem, nearly 44% of homeowners are under age 45 — the 4th-largest share in the nation.
Caveat: St. George is Utah's obvious exception, with more than 44% of homeowners 65 and older in the popular retirement community.
The intrigue: The median age of repeat home purchasers rose to 61 from 58 last year, per the NAR report.
What's next: Younger people are increasingly banking on family money for down payments, Redfin research shows.