Home prices and mortgage rates have risen drastically, making homeownership out of reach for many Gen Z and millennials. The median age of first-time home buyers has risen significantly, from 28 years in 1991 to 38 years in 2024. In 2024, data shows that older buyers, especially those over 60, dominate the housing market, making up 46% of home purchases. As income growth has not kept up with rising housing costs, younger Americans are increasingly locked out of homeownership, threatening the traditional notion of the American dream of homeownership.
Rising home prices and high mortgage rates have pushed the median age of home buyers to a record-high of 56 years old in 2024, up from 46 in 2021.
The NAR reported that in 2024, the share of older baby boomer home buyers was 22%, while younger millennials and Gen Zers were just 14% and 5%, respectively.
In 2024, there were more home buyers over the age of 70 in the U.S. than under the age of 35, highlighting the struggles of younger buyers.
Historically, younger buyers have made up a much larger piece of the home buying pie. The median age of first-time home buyers was 28 years old in 1991.
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