Feb 7, 2024 - Real Estate

🏠 1 map to go: Texans are buying homes later

Age when the majority of residents are homeowners, 2021
Adapted from a Terner Center report; Map: Axios Visuals

First-time Texas homeowners are getting older.

  • The majority of Texas homeowners bought their first house by age 37, according to a recent University of California, Berkeley study.

Why it matters: For young people especially, homeownership is increasingly out of reach, Axios' Brianna Crane reports.

By the numbers: In 1980, most Texans became homeowners by age 29, per the same study.

  • That age was 34 in 2000, according to the study.

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.

Zoom out: Across the U.S., buyers are anywhere from two to 17 years older than in 1980.

The intrigue: Homeownership is still widely cited as a pillar of the American dream.

Go deeper: 38% of young buyers use family money for down payments

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