How old are first-time home buyers?

| Nov 14, 2018 | Firm News, Residential Real Estate

There are plenty of examples of first-time home buyers of all ages. Some people buy homes at 18 and rent them out while going through college. Others rent or perhaps live in military housing for years, only buying a house well into middle age. It all depends on the specifics of the situation. How old is the average person who is buying a house for the first time?

The median age for a first-time home buyer is 32 years old. The average ages changes from year to year, but it’s fairly consistently in the early 30s.

Now, the average age that someone graduates from college is around 22 years old. That’s if they enroll in college right out of high school and then finish their degree in four years. Renting in college is incredibly common, whether that means dorms or homes or apartments. So why does it take them about a decade after graduation to buy a home?

There are plenty of reasons. Some young people still like the college lifestyle, even when they’re working, and they keep renting and living with friends. Many have student loans, so they may need to pay those down or off before they can get a mortgage.

Many may start working at 22 or 23 years old but in an entry-level job with a low wage. It takes a while for them to move up the ladder, secure a permanent job and get ready to put down their roots. Finally, they usually need to save money for a down payment, closing costs and other expenses, which can take time.

Buying that first home is a huge stride into adulthood. If you have questions or issues, a Virginia real estate attorney can provide guidance and help.

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