Dec 4, 2024 - Real Estate
Homebuyers are older than ever
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Just over 11.5% of homeowners in the San Antonio metro are under 35 years old, compared to roughly 10.7% nationally, according to the latest Census Bureau 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 (NAR).
- That's up from 35 last year and marks a new high in NAR data from 1981.
What they're saying: Many younger homebuyers delayed purchases from 2022-2023 because of high interest rates, Austin Board of Realtors housing economist Clare Knapp tells Axios.
- But when rates didn't lower, "a significant enough proportion of those first-time buyers decided to come off the sidelines in 2024 because they delayed their home purchase for a year or two and really just didn't want to wait anymore," she said.
The big picture: Steep housing prices and elevated mortgage rates push homeownership out of reach for many.