Average homebuyers are now the oldest and wealthiest in history

AND latest report details the grim reality in which America goes on to tackle the housing shortage and financial obstacles for people wanting to own a house. According to the National Association of Realtors, homebuyers are older and wealthier than ever before, and the average age of homebuyers is at an all-time high.

The median age of buyers rose to a high of 56, up from 49 in 2023. The median age of first-time buyers rose to 38 from 35 in 2023, and the age of repeat buyers rose to 61 from 58 in 2023.

“Highlighting the barriers to entry into the housing market, the average age of first-time homebuyers has hit an all-time high of 38. In the 1980s, the typical first-time homebuyer was around 20 years old,” the report said.

But age is just not the only factor that has increased. It can be the average income of buyers.

“Over the past two years, first-time home buyer household incomes have increased by $26,000. “This year’s report shows that the median household income for first-time homebuyers was $97,000,” the report said.

The racial gap for homebuyers is growing

Unfortunately, there continues to be a racial gap between white and black homeowners.

“Overall, 83% of buyers were white/Caucasian, up from 81% last year,” the report said. Only 7% of recent buyers identified as black/African American.

According to A report mortgage lending to Black Americans declined by 16% in 2022. Mortgage denial rates, nonetheless, increased by 2.6 percentage points.

The report reveals one other dramatic change: buyers with children are less more likely to purchase homes.

Of all homebuyers, 62% are married couples, 20% are single women, and 8% are single men. The percentage of buyers with children under 18 dropped to the lowest level and amounted to 27% of all buyers.

The report shows that multi-generational housing stays popular, with the highest percentage ever of individuals purchasing a house that may accommodate multiple generations at 17% of all buyers. The commonest reasons are savings, elder care and the return of young adults.