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3h ago

First-Time Buyers Fall to Record Low as Typical Age Hits 40, NAR Finds

A new NAR survey portrays a market where affordability constraints have sidelined younger entrants.

Homeownership is pulling increasingly out of reach of Americans who haven't already achieved it.
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New single-family houses on small lots in a large suburban community developed by Taylor Morrison at the Bethany neighborhood in northwest Portland, Oregon, on May 7, 2023.

Overview

  • First-time buyers accounted for just 21% of purchases from July 2024 to June 2025, the lowest share since NAR began tracking in 1981.
  • The median first-time buyer is now 40, up from 33 in 2021, as elevated prices, limited inventory and mortgage rates near 6% delay ownership.
  • A record 26% of buyers paid all cash, reflecting the edge held by older, equity-rich repeat buyers who also made median 23% down payments versus 10% for first-timers.
  • The buyer pool has aged further, with the median age of all buyers at 59 and repeat buyers at 62, while households with children under 18 fell to a record low share.
  • NAR warns that buying at 40 instead of 30 can mean roughly $150,000 less home equity, fueling calls for supply-focused reforms and targeted program support.