Question of the Day: What is the typical age of a first-time homebuyer in the U.S.?
Buying a house is a big deal at any age. But what is the median age for people making the move for the first time?
Answer: 35 years old
Questions:
- What are some factors that might contribute to the age at which someone buys their first home?
- What financial steps should someone consider taking in their 20s and 30s to prepare for buying a home?
- How would waiting until 35 to buy a home impact your long-term goals compared to your immediate wants and needs?
Here are the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (NAR):
- First-time buyers made up 32%, up from last year's 26%. This increase is still below the 38% average seen since 1981.
- The typical first-time buyer was 35 years old this year, slightly down from 36 last year, while the typical repeat buyer age fell to 58 years from an all-time high of 59 years.
- 59% of recent buyers were married couples, 19% were single females, 10% were single males, and 9% were unmarried couples. This is the lowest share of married couples since 2010.
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Check out the Buying a House mini unit to help give your students confidence in approaching this huge milestone!
About the Author
Ryan Wood
Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.
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