Late To The Ladder: The Rise In First-Time Home Buyers’ Age

Buying a home for the first time is a milestone many associate with adulthood. But for today’s first-time home buyers, that goal keeps slipping further into the future.

This Markets in a Minute graphic, created by Visual Capitalist’s Jenna Ross, in partnership with Terzo, shows how the age at which people in the U.S. buy their first home has been climbing over time.

Later to the Property Ladder

Using data from the National Association of Realtors (NAR), we explore how the median age of first-time home buyers has changed from 2010 to 2024. 

In 2010, the median age was 30, little changed from NAR’s first records of age 29 in 1981. However, the last 15 years have seen quite a shift.

Source: National Association of Realtors

By 2024, people buying homes are much older, hitting a record of 38. The share of first-time home buyers on the market also dropped from 32% to 24%.

Challenges for First-Time Home Buyers

Many are arriving late to the property ladder—and for good reason. The first few rungs have become harder to reach, or in some cases, feel entirely broken. 

High home prices and elevated mortgage rates have made homes much less affordable, especially with limited housing inventory. Incomes also haven’t been keeping up with rising home costs, with the price-to-income ratio climbing from 3.5 in 1985 to 5.0 in 2025. 

On top of this, many say high rent, student loans, credit card debt, and car loans are hurdles to saving for a down payment.

A New Financial Profile for Beginner Homeowners

Today’s first-time home buyers are climbing a ladder with steeper steps and fewer footholds. As a result, they tend to be older and wealthier before taking the first step.

The typical first-time buyer now earns around $97,000 annually, a jump of $26,000 since 2022. In some states, the income needed to buy a home is much higher—as high as $229,000 in Hawaii.

When it comes to a down payment, people buying homes for the first time put down 9% on average. While the bulk use savings for down payments, a quarter of newbie buyers used loans or gifts from friends and family.