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OAN Staff James Meyers
1:03 PM – Monday, November 4, 2024
A new report suggests that the average age of an American homebuyer in the U.S. has hit a record high of 56-years-old, according to the National Association of Realtors’ (NAR) yearly state-of-the-market report released on Monday.
In 2023, the age, according to that year’s report, was 49. In the early 2010s, the age was in the low to mid-40s.
According to the report, the “median age of first-time buyers” went up from 35 to 38.
The “typical repeat buyer age also increased to 61 years from 58 last year.”
Meanwhile, housing prices have continued to soar during the Biden-Harris administration.
While the sudden rise of mortgage rates following the end of the health emergency had a cooling effect on demand, the continuing shortage of homes in the country has contributed to bring prices back on the rise after a brief correlation between late summer 2022 and spring 2023.
According to Redfin, the median sale price of a home in the U.S. was $427,496 in September, up 3.8% compared to a year earlier.
The cost of housing is impacting the average homebuyer, with Millennials being hit the hardest by the current affordability crisis.
According to NAR’s survey, buyers in 2024 are not only older, but wealthier. The income for first-time homebuyers has hit an all-time high of $97,000 in 2023 (up from 95,500 the year before), while that of the typical buyer, a record of $108,800 (up from 107,000).
Furthermore, according to NAR, the first-time buyer market share dropped from 32% in 2023 to 24% last year.
“The U.S. housing market is split into two groups: first-time buyers struggling to enter the market and current homeowners buying with cash,” Jessica Lautz, NAR deputy chief economist and vice president of research, said in a press release shared with Newsweek.
“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,” Lautz said. “Meanwhile, current homeowners can more easily make housing trades using built-up housing equity for cash purchases or large down payments on dream homes.”
Donald Trump has vowed during his campaign that he will make it easier for citizens to buy homes by stopping illegal immigration and freeing properties for Americans.
On the other side, Kamala Harris has vowed to build three million new homes over four years to fix the existing supply gap in the housing market, as well as helping first-time homebuyers.
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