First-time Homebuyers Are Older Than Ever, Survey Reveals
First-time homebuyers are now in their late 30s and jostle with cash-rich buyers in the race to buy a home, new research from the National Association of Realtors has found.

In the 1980s, back when Donald Trump was dealing in real estate, first-time homebuyers getting their foot on the U.S. property ladder were typically in their late 20s. Now, as Trump prepares to enter the White House for the second time, first-time buyers are closer to 40.
That’s one of the key findings of the latest survey of U.S. home buyers and sellers by the National Association of Realtors (NAR). The data, collected annually since 1981, offers a unique insight into the makeup of those making the leap to home ownership amid the housing affordability crisis.
This year’s survey, based on transactions completed between July 2023 and June 2024, found that the age of a typical first-time buyer has risen to 38, up from 35 the previous year. That’s the highest age since the survey began.

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While married couples make up the majority of home buyers overall, only 36% of first-time buyers said they had children under 18 at home, and the share of single female first-time buyers rose by 5%. The median household income of first-time home buyers was a pretty healthy $97,000. Overall, though, these first-timers accounted for only 24% of all house purchases in 2023-24. This is the lowest share recorded and forms a stark contrast to the historical norm of 40% before 2008.
Jessica Lautz, NAR deputy chief economist and vice president of research, explained: “First-time buyers face high home prices, high mortgage interest rates and limited inventory, making them a decade older with significantly higher incomes than previous generations of buyers.”
“The most difficult step, even among successful first-time buyers, was just finding the right property,” she noted.
First-time homebuyers vs repeat buyers
The survey's results suggest first-time buyers may find themselves squeezed out of the market by all-cash buyers who can offer large down payments, typically 23%, likely earned through increased equity in their home. Almost one in three repeat buyers (31%) paid cash and didn’t need to finance their home purchase in 2023-24.
For first-time buyers, typical down payments reached 9%, the highest figure since 1997. To finance these, 7% of first-time buyers used inheritance (an all-time high) and 21% used financial assets, such as savings and cashing out stocks. Successful first-time buyers said high rent, student debt, credit card debt and car loans had hampered their saving.
Many potential homebuyers — and sellers — have also been scared off by high mortgage rates. You can look at current mortgage rates here:
Multigenerational living
If there’s an upside to this gloomy picture of the challenges facing those wanting to buy their first own home, it’s that the survey found more people than ever (17% of all buyers) had bought homes for multigenerational living, solving the issue of housing costs, child and elder care in one fell swoop.
Until Trump works out how exactly to solve the problem of unaffordable housing, it’s something more Americans may choose in order to realize their dream of home ownership.
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Charlotte comes to Kiplinger with more than two decades of experience in print and online journalism in the UK, with a focus on consumer rights, personal finance and law. She has worked for leading consumer rights organisation Which? and the UK government, and studied modern and medieval languages at the University of Cambridge.
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