EL PASO, Texas (KFOX14/CBS4) — While the typical first-time homebuyer in the United States is now about 40 years old, a new study suggests many young adults in El Paso are reaching homeownership much sooner.
A report released by ConsumerAffairs ranked El Paso as the fourth-most accessible metro area in the country for young homebuyers, placing it among the top markets where adults under 35 have the greatest access to purchasing a home.
The analysis examined homeownership rates, mortgage lending activity, and housing affordability across the nation’s 100 largest metropolitan areas.
According to the report, 17.8% of El Paso residents under the age of 35 own a home, compared to the national average of 14%, giving the city the sixth-highest young homeownership rate in the country.
The study also found that 44.8% of all home purchase loans in El Paso were issued to buyers younger than 35, the fifth-highest percentage among the metros analyzed.
ConsumerAffairs attributes much of El Paso’s accessibility to its relatively affordable housing market. The median home price in the metro area is approximately $246,675, about 4.6 times the median income of younger households, compared to the national average ratio of 5.4.
The report also highlighted the types of financing young buyers are using in El Paso.
About 26% of buyers under 35 use conventional mortgages, which typically require stronger credit, lower debt-to-income ratios and larger down payments. Meanwhile, 41.3% rely on Federal Housing Administration (FHA) loans, which are designed to help buyers qualify with smaller down payments.
Homeownership among younger residents has also continued to grow locally. The report found the share of homeowners under 35 in El Paso increased 20.7% between 2020 and 2024, including a 5.9% increase from 2023 to 2024.
El Paso was one of six Southern metro areas to rank among the nation’s top 20 for young homeownership accessibility and climbed 35 spots from last year’s ConsumerAffairs rankings.
Nationally, ConsumerAffairs found that rising home prices, mortgage rates and down payment challenges continue to make buying a home difficult for many younger Americans. However, the report concludes that markets like El Paso continue to offer a more attainable path to homeownership because of lower home prices, favorable lending activity and stronger participation from younger buyers.
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