Have you ever wondered what the average age is for first-time home buyers in the U.S.?
For most people, it takes a certain amount of time to reach a place where they’re financially able to buy a home. Financial stability is important for homeownership. You want to be able to not only afford your mortgage but also pay for any unexpected repairs and expenses that may arise.
Additionally, there may be other factors that determine when someone is ready to buy a home. Often, younger people are more hesitant to commit to such a large purchase because it can be seen as an indicator of settling down. It can be freeing to feel like you’re not tied down to anything and can live wherever you want.
Furthermore, the average age of first-time homeowners has gone up in the past few years due to increases in the cost of living. Buying a home was easier years ago when living costs were more affordable.
Here’s what you need to know about the average age of first-time home buyers.
At What Age Do Most People Buy Their First Home?
Some people are able to buy their first home in their 20’s. Others may choose to wait until their late 30’s or 40’s. Everyone is different. Furthermore, the average age of first-time home buyers has changed over the years.
In 2021, the average age of first-time home buyers in the U.S. was 33 years old. This number is higher than it was in the ’70s and ’80s.
In 1981, the median age of first-time home buyers was 29. That’s four years younger than the average today. Furthermore, more single people are buying homes as opposed to married couples. In 1921, 73% of first-time home buyers were married. In 2021, that number is now sitting at about 60%. Additionally, there has been an increase in the number of single women buying their first home.
Additional Factors to Consider
All that being said, there is no right or wrong age to buy your first home. Everyone’s circumstances are different. What’s important is that you feel like you are ready. Yes, you’ll want to have your finances in order. But you’ll also want to be in a place where you feel emotionally and mentally ready to head into this next chapter of your life, whenever that may be.
When trying to determine whether you’re ready, some factors you may want to consider are:
- Savings, emergency fund, and downpayment
- Life circumstances (new job, baby, etc.)
- Financial situation (credit score, income, etc.)
- State of the economy and job market
Ready to Apply?
Call our office today to fill out your first-time home buyer application.