In 2024, the median first-time homebuyer was 38 years old, according to the National Association of Realtors' 2024 Profile of Home Buyers and Sellers report.
"The first-time homebuyer who can enter into today's market is older, has a higher income is wealthier," said Jessica Lautz, deputy chief economist at NAR, pointing out that higher home prices require bigger down payments. As of mid-2023, there's a housing shortage of 4 million homes, according to the NAR. Construction of new homes has been slow in recent years, and more buyers are competing for available homes, pushing up prices.
"When we look at the average homebuyer, for older buyers, they have about $300,000 in home equity versus younger millennial buyers," Hepp said."We're seeing renters staying renters for longer because affordability has been so squeezed," he said.