First-time homebuyers are older than ever in the US: Report.

NEW YORK (PIX11) – Americans are buying their first homes older than ever, according to a new report from the National Association of Realtors.

The median age for first-time homebuyers hit 38 years old between July 2023 and June 2024, up from 35 just a year before. As recently as 2010, the median age of a first-time buyer was 31.

The median age for all buyers is 56, and for repeat buyers, 61 – both all-time highs.

First-time buyers had a median income of $97,000 between June 2023 and July 2024, an increase from the year before, according to the study. A record number of new buyers, 26%, used cash to purchase their homes.

“First-time buyers face high home prices, high mortgage interest rates and limited inventory, making them a decade older with significantly higher incomes than previous generations of buyers,” said Jessica Lautz, vice president of research for the National Association of Realtors.

New buyers made up a smaller share of the housing market than ever before. First-time buyers made up only 24% of sales between June 2023 and July 2024, compared to 32% the year before, according to the study.

Emily Rahhal is a digital reporter who has covered New York City since 2023 after reporting in Los Angeles for years. She joined PIX11 in 2024. See more of her work here and follow her on Twitter here.