Buying your first home used to be a milestone in your early 30s. Today, the median age of first-time buyers has jumped to 40, according to the National Association of Realtors (NAR). Welcome to the age of the “geriatric homebuyer.”
Why First-Time Buyers Are Delaying
Rising home prices, higher mortgage rates, and stagnant wages are keeping younger Americans out of the market. Many can’t save enough for a down payment, especially while juggling student loans or rent. Even when homes are technically affordable, the financial pressure is intense.
Suzie Payne, for example, bought her first house at 42 after years of saving, moving cities, and taking first-time buyer classes. Her story reflects a growing trend: first-time buyers are older, cautious, and often need extra help to enter the market.
The Numbers Behind the Shift
- Median age of first-time buyers: 40 (up from 29 in 1981)
- Median age of all buyers: 59 (up from 47 in 2019)
- First-time buyers’ share of total purchases: 21% (record low)
Older, repeat buyers dominate today’s housing market. Many use home equity or cash to buy, making it harder for younger buyers to compete.
Consequences of Delayed Homeownership
Waiting longer to buy has real costs:
- Missed wealth-building opportunities (homes typically gain ~5% equity per year)
- Fewer options for starter homes
- Potentially delaying family or lifestyle plans
Real estate experts say the slowdown in “move-up” buyers is part of the problem. Older owners hold on to homes purchased during the pandemic with low rates, which blocks entry-level homes from reaching younger buyers.
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Bottom Line
Buying a first home is happening later in life, and the market is more competitive than ever. For younger buyers, the path requires careful planning, savings, and patience. For older buyers, it means using experience and equity to your advantage.