Americans getting older before buying homes

The median age of people buying homes in the United States has risen to 47 years old, up from 31 years old in 1981, according to a new report released by the National Association of Realtors.

The organization pointed to an aging population, high prices, student debt burdens and tighter lending standards for young people for driving up the age.

It was the third straight year of an increase for the median home-buying age.

For 13 percent of buyers, the most difficult step in the home buying process was saving for a downpayment.

“This is driven by an aging population, affordability, higher student debt levels, and tighter mortgage lending standards for young people and individuals with lower credit scores. Those forces have contributed to lower levels of residential mobility."

— Deutsche Bank chief economist Torsten Slok

Also of note, the median age of first-time home buyers increased to 33 years old, the oldest in records dating back to 1981.

Buyers of new homes made up 13 percent of purchases and buyers of previously owned homes made up 87 percent.

As ages increased, so did incomes.  The typical home buyer had a salay of $93,200 in 2018.

Nearly a third of first-time home buyers said they used a gift from a relative or friend to fund their down payment.

MORE REAL ESTATE COVERAGE FROM FOX 5 NY

---------

Get breaking news alerts in the FOX5NY News app. It is FREE!

Download for iOS or Android

---------