FRESNO, Calif. (KFSN) — The image of a young married couple buying a home to begin their life journey is a fleeting one.
A survey conducted by the National Association of Realtors showed the median age of a first-time home buyer is now 40 years old.
“We have seen it trending that direction, but I think that 30 is very different than 40 and it translates into $150,000 of lost housing wealth over that 10 years,” National Association of Realtors Vice President of Research Jessica Lautz said. “The age of the first-time homebuyer has risen to the highest we’ve ever recorded.”
Lautz says it’s become much more difficult for prospective buyers to save for a down payment. They also face affordability issues and limited inventory.
The survey also showed just 21% of those purchasing houses were first time buyers.
“The share of first time homebuyers is essentially cut in half from what we would see historically. Historically, before the Great Recession, we would see 40% of the market were first time homebuyers,” Lautz said.
Lautz adds young adults are often paying high rents, in addition to student loan debt, child care costs and credit card debt.
Adding to their difficulty in buying their first home is the median age of “repeat buyers,” which is up to 62 years old.
“The buyers who are successful are those who are older, they have housing equity, they’re able to pay cash. And so when they’re competing among a first time home buyer, they’re likely going to win,” Lautz said.
But Lautz believes buyers will benefit in the new year, which she expects will bring lower mortgage interest rates and increased housing inventory.
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