It’s a marker of the challenges of accessing real estate in the United States today: The typical home buyer today is older than ever and wealthier, new data shows.
The average age of homebuyers in 2024 was 56, a record high, according to a report from the National Association of Realtors (NAR), highlighting the impact of soaring home prices and high mortgage rates. That’s an increase from 49 last year, the trade group found.
First-time buyers also tend to be older. The median first-time buyer this year was 38, up from 35 in 2023. About a quarter of those moving into home ownership were first-time buyers, down from 32% last year and the largest share low since NAR began tracking these numbers in 1981.
“First-time buyers face high house prices, high mortgage interest rates and limited inventory, making them ten years older and with significantly higher incomes than previous generations. previous buyers,” NAR deputy chief economist Jessica Lautz said in a statement.
A record share of U.S. homes are valued at $1 million or more, with limited supply driving prices to record highs nationwide, according to a recent Redfin report. In America’s largest cities, even people with relatively high incomes struggle to access homeownership.
Through September, single-family home prices increased 3.4% from last year, according to CoreLogic. The median sales price in September was around $427,500, according to Redfin.
