At what age do most people buy a house?

The sheer number of Millennial homebuyers is perhaps why, over the past five years, that generation’s ownership rate has increased faster than their predecessors. This, however, is likely due to the stage that most Millennials find themselves in. In other words, there are simply more new first-time homeowners in their 30s than in their 60s. Overall, the typical age of all homebuyers in the US has risen to 47 in 2021 compared to 31 in 1981, according to the National Association of Realtors.

What are the characteristics of a homebuyer?

In the US, first-time homebuyers make up 34% of all homebuyers, which was an increase from 31% in 2021. Generationally, 81% of younger Millennials were first-time homebuyers compared to 48% of older Millennials. Twenty-two percent of Generation Xers were first-time homebuyers. However, older Millennials make up the biggest generation of homebuyers at 25% and a median age of 36. Generation Xers, with a median age of 49, are next at 22%.

In terms of household incomes, Generation Xers come in at the top with $125,000 in 2020. Older Millennials, meanwhile, have a median household income of $110,300. This remains true even though younger Millennials represent the most educated age group, with 84% having earned a bachelor’s degree at minimum. Older Millennials are the next most educated generation.

As for marital status, 60% of recent homebuyers were married couples, while 19% were single females, 9% were single males, and 9% were unmarried couples. The Silent Generation represented the highest percentage of single female homebuyers at 27%. For unmarried couples, younger Millennials had the highest share at 21%. Of all homebuyers, 31% have at least a child under 18 living at home; for older Millennials, that number jumps to 59%.

Are first-time homebuyers getting older?

First-time homebuyers are getting older due to several factors. A couple of these factors are that home prices continue to rise, and student debt continues to add to the problem. The typical age of first-time homebuyers is now 33 years old, according to a recent National Association of Realtors survey. That age is the oldest since data was first recorded in 1981. As mentioned, the median age of all homebuyers also recently reached a new high of 47 years old, which has increased more and more over the past three years running. (The typical age in 1981? Thirty-one years old.)