The city's typical first-time homebuyer is 35 — among the oldest for major U.S. metro areas, a recent Cotality analysis of mortgage applications shows.
State of play: That age is rising in pricey states like California — and falling in more affordable Midwestern and Southern markets, according to Cotality.
"In areas like Hawaii, California and New York, people usually take longer to save for down payments and related costs, so they often buy homes later in life after building up more wealth than buyers in more affordable regions," Cotality principal economist Archana Pradhan tells Axios.
The median age of first-time homebuyers in the U.S. has held relatively steady at 32, per Cotality, but a separate survey from the National Association of Realtors put that number at a record 40 years old.
Zoom in: High prices, near-6% mortgage rates, and a housing shortage are delaying homeownership, including here.
Monthly home sales fell to their lowest level in at least 35 years in January because of affordability, economic concerns and low inventory, the Union-Tribune reported.
