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+--- Thread: Median age of first time homebuyers is now 38 (/showthread.php?tid=294152)
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Median age of first time homebuyers is now 38 - Lemon Drop - 02-12-2025
"When economic analysts talk about a cyclical change, they’re talking about short-term fluctuations driven by the business cycle. When those same analysts talk about a secular change, they’re talking about long-term, structural shifts in the economy. Sometimes a trend can be a little of both.
One example: First-time homebuyers keep getting older. In 1991, the median age of first-time homebuyers in the U.S. was 28 years old. In 2024, it was 38 years old.
In other words, the median first-time U.S. homebuyer in 2024 (age 38) has been out of high school for 20 years but is also only 24 years away from the earliest age at which they could receive Social Security benefits (age 62)."
https://www.fastcompany.com/91276936/housing-market-young-homebuyers-are-vanishing-chart
Re: Median age of first time homebuyers is now 38 - special - 02-12-2025
makes sense. Houses are just too expensive and increase in value too fast IMHO. My house went up 500k since Covid. This is not normal.
Re: Median age of first time homebuyers is now 38 - vision63 - 02-12-2025
In 1970 the median age of marriage was 23 years old.
In 2023 that bumped up to about 28-30.
It's hard to do anything by yourself.
Re: Median age of first time homebuyers is now 38 - Lemon Drop - 02-12-2025
vision63 wrote:
It's hard to do anything by yourself.
Don't I know it
Re: Median age of first time homebuyers is now 38 - Speedy - 02-12-2025
At the other extreme: Not a first time owner but appreciate that we can still get a 30 year mortgage while in our early and mid 70’s. We will be getting a mortgage in quarter-three of this year on a house we are building. I’m not looking forward to the interest rates we’ll have then thanks to Trump’s ‘tax cuts for the rich driven’ deficit.
My sister-in-law is 72. She wanted a new credit card but could not get one without having her son co-sign even though she has excellent credit and is moderately well-to-do. The reason given was she could die at anytime and leave the bank holding her credit card debt. Her son’s credit rating is not as good as her’s. This is in Mexico.
Re: Median age of first time homebuyers is now 38 - mrbigstuff - 02-12-2025
special wrote:
makes sense. Houses are just too expensive and increase in value too fast IMHO. My house went up 500k since Covid. This is not normal.
that is supply and demand; you live in a high-demand area, and the supply has not kept up.
Re: Median age of first time homebuyers is now 38 - bfd - 02-12-2025
special wrote:
makes sense. Houses are just too expensive and increase in value too fast IMHO. My house went up 500k since Covid. This is not normal.
It is when the dollar goes into the toilet. Same dollar, right?
It's not really all about your house going up in value, it's the same house as it was before. It is mostly about the value of the dollars that we use to measure the value of your house...
Sure, there are things that exacerbate the home market inflation situation, like a lack of inventory, increased demand, cost of materials, etc. but the biggest factor is most assuredly the fact that the dollars used to measure all of that are becoming increasingly worthless.
Re: Median age of first time homebuyers is now 38 - vision63 - 02-12-2025
bfd wrote:
[quote=special]
makes sense. Houses are just too expensive and increase in value too fast IMHO. My house went up 500k since Covid. This is not normal.
It is when the dollar goes into the toilet. Same dollar, right?
It's not really all about your house going up in value, it's the same house as it was before. It is mostly about the value of the dollars that we use to measure the value of your house...
Sure, there are things that exacerbate the home market inflation situation, like a lack of inventory, increased demand, cost of materials, etc. but the biggest factor is most assuredly the fact that the dollars used to measure all of that are becoming increasingly worthless.
Developers like the "lack of inventory" part. Not for 'po people though.
Re: Median age of first time homebuyers is now 38 - mattkime - 02-12-2025
bfd wrote: but the biggest factor is most assuredly the fact that the dollars used to measure all of that are becoming increasingly worthless.
If that were true in theory you'd be paid more dollars.
Its the ratio of income to housing costs and overall living expenses.
Re: Median age of first time homebuyers is now 38 - Rick-o - 02-12-2025
mrbigstuff wrote:
[quote=special]
makes sense. Houses are just too expensive and increase in value too fast IMHO. My house went up 500k since Covid. This is not normal.
that is supply and demand; you live in a high-demand area, and the supply has not kept up.
Who is screwing with the supply? Could it be... Hedge Funds? I've been trying to buy a vacation/retirement home for over 5 years. I see this over and over. A house I like goes up for sale, before I even get a chance to take a look at it, it gets snatched up, stays unoccupied for a few months, then, back on the market with a huge price markup. I REFUSE to play their game. I can't see supporting this criminal act.
Hedge funds and other institutional investors stand as a major detriment for home buyers, as they use their huge capital reserves to scoop up available properties. This reduces the already-slim inventory in the marketplace, creating a more acute affordability crunch. Additionally, their abilities to outbid normal borrowers and offer all cash make house hunting more difficult.
“The housing in our neighborhoods should be homes for people, not profit centers for Wall Street. Yet, in every corner of the country, giant financial corporations are buying up housing and driving up both rents and home prices,” Sen. Merkley said. “It’s time for Congress to put in place commonsense guardrails that ensure all families have a fair chance to buy or rent a decent home in their community at a price they can afford.”
https://themortgagereports.com/109150/hedge-fund-home-buying-ban