Typical First-Time Home Buyer 38 years old.

The National Association survey sheds light on housing market by Star Advertiser

Fewer Fist-Time Buyers:

Just under 1 in 4 home buyers purchased for the first time.  That’s the lowest share of first-time buyers since the association began collecting data in 1981.  These buyers also are older and make more money than in the recent past.  The typical first-time home buyer was 38 years old in the latest survey, compared with 35 in 2023. Buyers are having to wait to purchase their first homes and needing higher incomes because properties have gotten less affordable.

Paying in CASH:

A record high of 26% of buyers paid with CASH!  The typical down payment was 9% for first -time buyers- the highest percentage since 1997.  It was 23% for repeat buyers – the highest since 2003.

Multiple-Family Home:

Homebuyers are looking to purchase a multigenerational home.  Cost savings are a major factor, with young adults returning home – or never leaving due to high rent and home prices.

Married Couples:

An increasing share – roughly 3 in 5 homebuyers were married. The share of unmarried couples buying home dropped to 6%. The share of single women buying homes grew slightly to 20% while the share of single men buying homes dropped to 8%.

Aging Sellers:

The typical home seller was 63 years old – the oldest the survey has ever recorded.  The most popular reason for selling was a desire to move closer to family and friends as well as for upsizing or downsizing.  One in 10 said they wanted to sell because their neighborhood was becoming less desirable.