Summary
The average age of U.S. homebuyers has reached a record high of 56, as younger Americans face rising homeownership costs. The median age for first-time buyers rose to 38, with only 24% of buyers being first-timers—the lowest share since 1981.
High home prices, averaging $435,000, and increased mortgage rates make saving for down payments nearly impossible for many younger buyers, who often lack wealth or home equity to compete with older, wealthier bidders.
With all-cash buyers now representing 26% of purchases, many young buyers rely on family gifts or loans.
Not surprising! My partner and I can really only hope we find some cheap land that’s RV friendly some day.
Many states make that illegal. In my state it’s illegal to live in an RV on private land for more than 3 months out of a year.
Yeah 🙃 that is an ongoing issue. It’s very much county dependent as well.