The number of first-time homebuyers between July 2021 and June 2022 fell 8%, with first-time buyers representing just 24% of all homebuyers.
According to NAR’s 2022 Profile of Homebuyers and Sellers, the average age of the first-time homebuyer rose, from 33 years old to 36 years old, an all-time high. The average age of all buyers was 53, up from 45 year over year. The average age for repeat buyers was 59, another increase. This is the oldest for each category since 1981, when the average age for all buyers was just 31. The biggest share of buyers in the past year were aged 55 to 74, representing 42% of all buyers. Sixty-one percent of buyers were married couples, 17% were single females, 10% were unmarried couples and 9% were single men. The majority of recent homebuyers (69%) have no children under 18 in the household, while 12% have one, 8% have two and 10% have three or more.
Of all recent homebuyers, 88% were Caucasian, 8% were Hispanic, 3% were Black and 2% were Asian/Pacific Islander. The median income of all buyers was $88,000, with first-time buyers making $71,000 and repeat buyers making $96,000. Twenty-two percent of buyers said the top reason they bought was because they wanted to own their own home, 13% wanted to be close to friends and family and 8% each said they wanted a smaller home or they moved for a job. First-time buyers were more likely to say the bought because they wanted to own a home, while repeat buyers were more likely to buy to be closer to friends or family or due to retirement.
Consumers are still relying on real estate professionals. Eighty-six percent said they used an agent, with nearly half reporting they wanted their agent mainly to help them find the right home. Close to 40% of buyers who used an agent relied on a referral to find theirs, 12% used an agent they had used previously and 10% found theirs online when looking at properties. More than two-thirds only interviewed one agent, but 89% said they would recommend their agent to family and friends.
Topics
Member Discussion
Recent Articles
-
Americans Love These Top Super Bowl Snacks
- February 7, 2025
- 3 min. read
A Sonoran hot dog or funeral potatoes? Here are the Super Bowl snacks Americans are searching for the most ahead of the big game.
-
Homeowners Own More Assets, Have Higher Net Worth
- February 6, 2025
- 2 min. read
Data from the 2022 Survey of Consumer Finances found that while almost every household owned some assets, those who owned a home owned the vast majority of assets in aggregate.
-
Black Realtors® Champion Homeownership and Industry Representation
- February 5, 2025
- 5 min. read
This February, PAR honors Black History Month by recognizing a few of our Realtor® members in the Black community.
Daily Emails
You’ll be the first to know about real estate trends and various legal happenings. Stay up-to-date by subscribing to JustListed.