First-time homebuyers keep getting older, according to a report from ResiClub Analytics.
The median age of first-time U.S. homebuyers in 1991 was 28. In 2024, the median age of first-time buyers was 38.
The increase is driven by multiple factors. Housing prices have increased significantly, making it harder for young people to afford a home right away. Younger generations are also delaying life events — attending school longer and marrying and having children later.
Young people who do take the plunge into homeownership might have regrets later, according to a report from Opendoor. The report found 94% of Gen-Z and 86% of Millennial home sellers who purchased their property during the pandemic wound up with buyer’s remorse.
For some, regrets stemmed from changes in workplace: with many companies requiring a return to office, young homeowners were faced with losing their jobs or enduring long commutes. Nearly 40% of Gen-Z homeowners say they purchased a home without considering how their long-term lifestyle would fit in with where they moved.
Other homeowners said increasing living costs and the state of the economy were pushing them to return to renting. And others said repairs, renovations and maintenance costs were too high.
Among those selling their first house, 64% said they’re not planning to buy again right away.
The slideshow above highlights the most popular U.S. states for young homebuyers according to Evernest.
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