Older home buyers, more cash, and (relatively) fewer first-timers: A national survey sheds light on the state of the housing market

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Rising home prices are helping those who already own, but dropping first-time home buyers to historic lows.

Homes in the Port Richmond section of Philadelphia in 2021. A new report by the National Association of Realtors found that across the country, the share of first-time homebuyers is shrinking and the typical first-time buyer is getting older. benefit established homeowners

In the last two years, the typical first-time buyer’s income has increased by $26,000. According to this year’s survey, first-time buyers had a median household income of $97,000 per year. 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.

And on the other end of the age spectrum, a quarter of those who purchased a multigenerational home did so to take care of aging parents.An increasing share — roughly three in five homebuyers — were married. The share of unmarried couples buying homes dropped to 6%.The share of single women buying their first home grew by 5%.

 

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