In the US, first-time homebuyers are, on average, 33 years old. The average age of homebuyers overall is 47. These numbers are drastically higher than when data taking first began in 1981.
In 2022, the average age of first-time homebuyers was 36, according to the National Association of Realtors (NAR). This is up from 33 in 2021. A more notable stat, however, is that only 26% of homebuyers in 2022 were first-time homebuyers — the lowest percentage since the NAR started tracking the metric.
The average first-time homebuyer in the United States is around 33 years old, so most people would probably agree that this is the best time to buy a house. By the time you are in your early 30's, you likely have some stability in terms of income and life situation.
There's no right or wrong age to buy a house — just the right or wrong time. Be sure to consider your financial situation, your employment, the local housing market, and your future goals and plans. Consult a real estate agent or loan officer for professional advice if you're unsure.
Financial Health
The good news: because of economic forces and federal housing policy, homeownership is one of the most accessible ways for young people to get points on the “asset” side of the net worth equation, often while actually saving on living expenses. First, owning a house factors into your net worth.
There's no minimum age to buy a house. If you're ready and have a down payment, buying a house in your early 20s is a smart move.
There's no “right” age to buy a home, but it's smart to evaluate where you are in life as you decide whether or not to buy. A home purchase is the most significant investment in many peoples' lives, and your status as a homeowner can help you or hurt you financially.
Other than the legal buying age of 18, there is no limit on when you can buy a house. It all depends on your potential down payment, credit history, and potential support from your family.
There are certainly benefits to buying a home at a younger age. For one thing, if you purchase a home at 28 via a 30-year mortgage and don't refinance, you'll be free of housing debt well before the age most workers retire. You'll also get to enjoy a host of tax breaks that are available to homeowners.
Ten years of appreciation alone can make a big difference. There is a $72,000 difference in the median housing wealth of those who bought their first home between ages 25 and 34 and those who waited until they were 35 to 44. If they wait until they are 45 or older, the median wealth is more than $100,000 lower.
While there are a lot of factors involved, the average age when people move out of their parent's home is somewhere between 24 and 27. This makes logical sense – it's after many people have completed college and around the time when most people get married and/or are in a long-term relationship.
The homeownership rate in the U.S. was at 65.9% during the fourth quarter of 2022 and was not statistically different from the fourth quarter of 2021 (65.5%) or the third quarter of 2021 (65.4%).
Market experts estimate that a modern residential building has a lifespan of 60 to 75 years, depending on the quality of the building's construction and the climate. While a new coat of paint needs to be done every 5–6 years, a house needs to be renovated every 8–10 years.
But despite current conditions, many are still determined. Nearly 72% of Gen Zers between ages 18 and 26 still plan to buy a home in the next one to six years, according to a survey conducted by Rocket Mortgage.
It finds that the typical first-time buyer was 35 years old this year. That's the second-oldest age in four decades of NAR's data—second only to last year's 36—and higher than when many baby boomers bought their first homes.
The average mortgage payment is $2,883 on 30-year fixed mortgage, and $3,759 on a 15-year fixed mortgage. But the median payment is likely a more accurate measure for many: $1,775 in 2022, according to the US Census Bureau.
Buying a house in your 30s can be a smart and strategic decision with numerous long-term benefits such as building equity and establishing roots. This pivotal stage of life often brings increased financial stability and career advancement, making it an opportune time to invest in homeownership.
Good old-fashioned saving is generally not enough to afford a home in your 20s. That is especially true for young people just starting out in their careers. Those who do manage to buy before 30 often get help from family or have high-paying jobs.
If you're in the position financially to buy a home at a young age, you need to think about what that means for you. It may make other things less feasible, like traveling. On the other hand, mortgages can be cheaper than rent. If you're ready for the commitment, owning a home young can be a huge asset.
While homes from this era were built very well, they are now over 100 years old and that means that they will need some TLC. Your home inspector should identify certain components of the house even if they are functioning properly.
The Ise Jingu temple complex in Japan has survived for well over 1000 years despite using a relatively simple timber frame structure. It remains because every 20 years, the main structures of the temple are completely rebuilt from scratch.
Homes built within the last 25 years look similar to new homes today with modern electrical/plumbing and similar construction techniques and building codes. In our area where there are many historic homes, a 25-year-old house is still considered 'newer'.
In fact, some Gen Z real estate trends are pointing in an optimistic direction. According to a recent study from a major real estate brokerage about 30% of 25-year-olds owned their own homes in 2022, 2-3% ahead of both millennials and Gen X at the same age.
Under Democrats' failed economic policy, American households are paying $11,400 more on necessities annually. Even every day bills are becoming unaffordable, forcing more and more Americans to turn to second jobs to make ends meet and financing options as their savings are depleted.
Almost 40% of US homeowners own their homes outright as of 2022—many of them baby boomers who refinanced when rates were low.