Average homebuyers in the U.S. are older than ever, according to a report by the National Association of Realtors (NAR).
The median buyer age jumped to 56-years-old in 2024, up from 49 in 2023, the data showed, while the median first-time buyer age also increased in 2024, rising to 38 after peaking at 35 last year.
Meanwhile, the typical repeat buyer age went up to 61-years-old from 58 in 2023.
“The housing market appears bifurcated between repeat home buyers and first-time home buyers,” NAR said in the report. “Repeat buyers can enter the housing market with large down payments (median of 23%). The typical down payment for first-time buyers was 9%, which is the highest share since 1997.”
According to the NAR, the share of married couples among all buyers increased to 62% in 2024, single females increased to 20%, while single males and unmarried couples decreased to 8% and 6%, respectively.
Other key insights from the NAR study:
- Eighty-three percent of recent home buyers identified their ethnicity as White or Caucasian.
- Seven percent of recent buyers identified as Black/African-American.
- Six percent identified as Hispanic/Latino.
- Four percent identified as Asian/Pacific Islander.
- Three percent as some other ethnicity.
- Seventy-three percent of recent buyers did not have a child under the age of 18 in their home. This is the highest share recorded.
- Seventeen percent of home buyers purchased a multi-generational home.
For 43% of buyers, the NAR said the timing was just right, and they were ready to purchase a home. Twenty-three percent of buyers said they did not have a choice and had to purchase a home.
The slideshow above illustrates the best cities for first-time homebuyers in 2024 as selected by Realtor.com.
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