The average ages of home buyers hit all-time highs in 2024, according to the National Association of Realtors' (NAR) 2024 Profile of Home Buyers and Sellers. The overall age was 56, up from 49 last year. First-time buyer average age was 38, up from 35 last year, and repeat buyer age was 61, up from 58 last year.
The annual survey, which tracked transactions between July 2023 and June 2024, also found the first-time home buyer market share decreased to a historic low of 24%, down from 32% last year.
“The U.S. housing market is split into two groups: first-time buyers struggling to enter the market and current homeowners buying with cash,” says Jessica Lautz, NAR deputy chief economist and vice president of research. “First-time buyers face high home prices, high mortgage interest rates, and limited inventory, making them a decade older with significantly higher incomes than previous generations of buyers. Meanwhile, current homeowners can more easily make housing trades using built-up housing equity for cash purchases or large down payments on dream homes.”
According to the report, the share of married couples increased to 62% of all buyers, with single female buyers seeing a slight rise to 20%. Conversely, the share of single males decreased to 8% and unmarried couples dropped to 6%. In addition, the share of single female first-time buyers jumped by 5%.
Seventy-three percent of recent home buyers did not have a child under the age of 18 in their home—the highest share recorded.
Seventeen percent of home buyers in the survey purchased a multigenerational home, the highest share in the data series. The top reasons cited were cost savings (36%), to take care of aging parents (25%), children over the age of 18 moving back home (21%), and children over the age of 18 who never left home (20%).
“As home buyers encounter an unaffordable housing market, many are choosing to double up as families,” explains Lautz. “Cost savings are a major factor, with young adults returning home—or never leaving—due to prohibitive rental and home prices. Meanwhile, elderly parents and relatives are moving in with family members as home buyers reprioritize what matters most to them.”
Real estate agents played a crucial role in the home buying process, with 86% of all buyers utilizing their services. Eighty-eight percent of home purchases were made through a real estate agent or broker, reports NAR.
The typical home buyer’s median household income for 2023 rose to $108,800 from $107,000 in 2022. First-time buyers had a median household income of $97,000, up from $95,900 the prior year and an increase of $26,000 in the last two years. Repeat buyers had a median household income of $114,300, up from $111,700 the previous year.
Median down payments were 18% for all home buyers, 9% for first-time home buyers, and 23% for repeat home buyers this year. First-time buyers continue to rely on savings (69%). However, 25% used loans or gifts from friends and family, 21% used financial assets, and 7% used inheritances. A record 26% of home buyers paid cash for their homes.
