First-time homebuyers made just 24% of first-time home purchases in 2024
According to reports, the share of home purchases made by first-time homebuyers has fallen to the lowest level on record.
According to the National Association of Realtors, first-time homebuyers made just 24% of first-time home purchases in 2024, the lowest market share since the NAR began collecting data. That is below 32% market share, according to the NAR. That is below the average of 38% and the fourth lowest share seen in the more than 40 years since the NAR started collecting data, according to Bankrate.com.
With a typical age of 35, 2023 saw not only a low percentage but also an older average homeowner. That is the second-highest age ever seen in the data set. Younger Americans have been priced out of the market by home price inflation, high interest rates and increased cost of living.
During the Trump presidency, the average was 33%. That is close to the historical average.
In 2024, the average homeowner age jumped from 34 to 38.
According to Bankrate.com, 73% of non-homeowners cited affordability as the biggest obstacle, while insufficient income, inability to afford a downpayment and market conditions such as low inventory and high mortgage rates were other large obstacles.
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