Summary
The average age for Americans to buy their first home is now 40 years old, the highest ever recorded. The share of first-time homebuyers has fallen, reflecting the challenges of high student debt and increasing housing costs. This trend means fewer young people are able to purchase homes, with implications for their financial future.
Key Facts
- The average age of first-time homebuyers in the U.S. is now 40.
- Historically, people bought their first homes in their late 20s.
- The share of first-time homebuyers has dropped to 21%, a record low.
- High student debt and housing costs are major barriers to buying a home.
- Americans have $1.81 trillion in student loan debt.
- The median sale price of a home in the U.S. is $435,285.
- Mortgage rates are above 6%, which is high compared to recent years.
- The number of renters in the U.S. has reached 46 million due to high housing costs.
