Homeownership Rate By Age: Facts, Figures, & Trends

Table Of Content

• What credit score does a first-time homebuyer need?
• First-Time Homebuyer Statistics
• Marital status of first-time homebuyers
• How to Score Your First Residential Multifamily Property
• Money: Take-home pay calculator - find out how much extra you're getting this month with National Insurance cut
• Buying a House Requires Many Considerations

Married couples account for 60% of first-time homebuyers, while unmarried couples account for 9%. In addition, 19% of first-time homebuyers are single females, and 9% are single men. In 2021, the average age of a first-time homebuyer was 33 years old. The average age of a first-time homebuyer has remained fairly steady over the years, while the average age of repeat homebuyers continues to rise. In 2021, the median age for repeat homebuyers reached an all-time high of 56 years old.

What credit score does a first-time homebuyer need?

For example, after peaking at 69 percent in 2004, the Great Recession ( ) led to homeownership rates declining, falling to just 63.4 percent by 2016. As homeownership began to slowly recover, the rate peaked again at 67.9 percent in the second quarter of 2020 before falling to 65.5 percent at the end of 2021, most likely due to the pandemic. Throughout 2022, the homeownership rate has remained within the same statistical range. Like many other aspects of the U.S. economy, however, the housing market constantly fluctuates, based on buyer demand, mortgage interest rates, inflation, amount of available inventory, and other dynamics. Let’s look at the key facts and statistics to better inform current and future homeowners.

First-Time Homebuyer Statistics

If not paid for by your lender or paid as a lump sum, PMI will increase your monthly mortgage payments. The average first-time home buyer does appear to be getting older compared to years prior. This likely has less to do with millennials’ desire to own a home, and more to do with the current market environment.

Marital status of first-time homebuyers

Of course, this narrative is overly simplistic at best, and dead wrong at worst. 1Based on Rocket Mortgage data in comparison to public data records. Ready to buy a house – and feeling about a dozen emotions all at once?

SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. We recommend that you review the privacy policy of the site you are entering. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website. "There's no getting around how tough buying a home can be in today's high-interest rates and high-price housing market," Jacob Channel, senior economist at LendingTree said Tuesday. Swap rates - which dictate how much it costs to lend money - have risen on the back of higher than expected US inflation data, and concerns this could delay interest rate cuts there.

How to Score Your First Residential Multifamily Property

Making a sacrifice in the short-term could be the boost a first-time home buyer needs to accumulate the capital necessary to make the dream happen. You could set up a transfer of money from your checking account into a savings account that pays interest. Automating savings could be a great solution for lots of reasons—it removes human error (or forgetfulness) from the equation, and it gets money away from a checking account, where it’s far too easy to spend. It could be a good idea to work with your real estate agent and lender to get a better feel of how much you’ll need to have saved up in order to buy a home of your own.

According to recent data, roughly 65.8% of Americans own a home, while the rest rent. While homeownership is the end goal of many working employees, it’s often put on hold due to the lack of funds for downpayment, high mortgage rates and other factors. Many choose to rent as it’s practical and advantageous in many ways.

Home prices in Boise, Idaho; Denver, Colorado and San Jose, California skyrocketed earlier this year as demand there soared quickly. Those cities and some other metro areas are finally starting to see downturns, but home prices are still higher overall than they were a year ago. Minors can’t buy or sell property, but it is possible to transfer property to a minor through a guardianship or trust. In most cases, the minor would have beneficial ownership of the property with a custodian acting as a trustee. Any age restrictions around a home purchase are largely decided by the lender, although state laws play a role in that as well.

He famously wrote himself a $10m cheque for "acting services rendered" and dated it years in advance. Then in 1995, he was told he was going to make the exact amount for filming Dumb and Dumber. "It's happened on so many occasions, like four, five times," he said. "I've become very clear on what I want and the amount of money I need and literally it can be within 24 hours that I get a phone call for a job and it's almost identical to what I asked for money-wise."

While women continue to buy homes in significant numbers they often face financial challenges or stress. The realities of the continued gender wage gap mean that women typically come to the table with a smaller down payment than their male counterparts, which requires taking out a larger mortgage. This in turn results in women starting out with less equity in their homes than men. There is no guarantee that your home will gain value, but that is what happens in many cases—over the long term. Real estate can help hedge against inflation, assuming that your property keeps pace with rising prices.

What’s more, you can build credit over those years, making it likely that you'll qualify for the best loan possible. The NAR report also noted that White Americans represent the vast majority (88%) of people who bought homes so far this year, up from 82% last year. Asian and Black Americans have seen their percentage of all homebuyers fall from 6% last year to 2% and 3% respectively this year. The average age of first-time homebuyers has increased over the years. In 1981, the median age of first-time homebuyers was 29, but by 2021, the median age had increased to 33.

Average age of first-time buyer is now 37: House Buyer Bureau – Mortgage Strategy - Mortgage Strategy

Average age of first-time buyer is now 37: House Buyer Bureau – Mortgage Strategy.

Posted: Thu, 15 Jun 2023 07:00:00 GMT [source]

Perhaps most importantly, your living situation affects your quality of life. Regardless of age, if you qualify as a first-time homebuyer, specific programs may be available to help you. First-time homebuyer programs, which are typically controlled at the state and local levels, provide down-payment and closing-cost assistance to first-time homebuyers.

In the House, the 39 freshman Republican representatives skew somewhat older than the 34 new Democratic House members. The median age of freshmen House Republicans is 47.2, compared with 44.1 for first-time Democrats in the chamber. A large majority of the 118th House’s first-time members (64 of 73) are below the chamber’s median age of 57.9. The median age of new representatives is 46.3, down from 52.1 among new members in the prior Congress.