First-time homebuyers have made up 32% of home purchases in 2023 the which is an increase of 8% over the previous year. First-time homebuyers as a percentage of those purchasing home in the market still remains below the 38% average in 1981. This decrease in first-time homebuyers entering the market highlights the difficulties that have arisen with a strain on home affordability.
The average down payment for a first-time home buyer in the United States was 8%. The typcial age of a first-time homebuyer was 35 in 2023 which is down from the high of 36 in 2022. The median age of a first-time homebuyer was 29 in 1981. The median age of first time homebuyers has increased 7 year over the period of 1981 to 2023.
The median age of a repeat homebuyers has increased from 36 in 1981 to 58 in 2023 -- a total increase of 23 years. While both first-time homebuyers and repeat homebuyers have been increasing in age over the years, the increase in repeat homebuyers has outpaced that of first-time homebuyers.
Source: NAR