Median Age of First-Time Homebuyers Reaches 38

The landscape for first-time homebuyers in America has dramatically shifted, with the median age now reaching a record 38 years, reflecting a three-year increase since last summer. This change is largely attributed to soaring home prices, high mortgage interest rates, and a severe housing supply shortage estimated at 4 million homes. Currently, only 24% of home purchases are made by first-time buyers, the lowest percentage since the National Association of Realtors began tracking this data in 1981. For Gen Z, the challenges are particularly pronounced, with only 26.3% owning homes compared to higher ownership rates among older generations. However, many Gen Zers remain determined, exploring creative strategies such as purchasing fixer-uppers and leveraging remote work to access more affordable housing markets. As the market continues to favor repeat buyers, younger generations are left seeking alternative pathways to homeownership.