How old were you when you bought your first home?
According to The Typical American Financial Life by Comet, the average age for a first home purchase is 29.1, based on a survey of more than 1,200 adults. This is less than a year after most respondents reported paying off their student loans.
Consumers were more likely to have stronger financial backing before buying a home. For example, the average age to start retirement savings was the first financial milestone consumers hit at 26.2, followed by attaining a credit score over 700, which happened at 26.9. Reaching $10,000 in savings was slightly later at 27.6, which was then followed by paying off student loans.
Across ages, Generation X is twice as likely to own real estate than their millennial counterparts. Only 27 percent of millennials have purchase a home, compared to 63 percent of Generation X and 86 percent of baby boomers. For those who don’t own a home, the average expected age for homeownership is 34.4 for millennials, or 7.4 more years, 48.4 for Generation X, or 6.2 more years, and 59.5 for baby boomers, or 2.8 more years.
Both men and women reported feeling pride, followed by excitement on buying their first home. For those who are not yet homeowners, both genders reported feeling excited and then proud about the eventual purchase of their first property. Most consumers will be homeowners before they reach 40.
Student loan debt continues to delay millennials. Forty-four percent reported they had student loan debt that was not paid, compared to 31 percent of Generation X members and only 7 percent of baby boomers. For those who still are paying student loans, it is expected that they will pay it off in the next seven (Generation X) to 10 years (millennials and baby boomers). Both genders overwhelmingly felt happiness when their student loans were paid off, followed by pride. For those who still owe, women felt more anxiety, while men reported feeling happy and excited.