Buying a home today has become a bit of a blood sport, rife with bidding wars pushing offers well over the asking price as buyers scramble to land a house.It’s been hard, we won’t lie.
First-Time Homebuyers Then vs Now
Dated: February 22 2021
In 1981 when NAR first started tracking the data, the average age of a first-time homebuyer was 29. They made up 44 percent of all homebuyers. Sixty-eight percent of first-time buyers were married couples, 12 percent were single female and 13 percent were single male (seven percent were other).
In contrast, in 2018, the average age of a first-time homebuyer was 46 and they accounted for 33 percent of all homebuyers. Fifty-four percent were married couples, 18 percent were single females, 10 percent were single male, and 16 percent were unmarried couples (two percent were other).
In 1989, first-time buyers largely rented an apartment before they bought their home at 80 percent, and 15 percent lived with parents, relatives, or friends. In 2018, the share of first-time buyers that lived in an apartment before they bought their home slipped to 71 percent while the share of those that had been living with parents, relatives, or friends previous to buying rose to 23 percent.
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