The average age of U.S. homebuyers jumps to 56—homes are ‘wildly unaffordable' for young people, real estate expert says [CNBC]
Independent Bank Corp. (INDB)
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Source: CNBC
The average age of homebuyers is now 56, up from 49 in 2023, according to the National Association of Realtors' annual state-of-the-market report released Monday . That's a historic high, up from an average age in the low-to-mid 40s in the early 2010s. The median age of first-time buyers also rose from 35 to 38, while the share of first-timers dropped from 32% to 24% of all buyers for the year ending July 2024. That marks the lowest percentage since NAR started tracking the metric in 1981. “In my two decades in the mortgage business, I've never seen a more difficult time for millennials to purchase a home,” says Bob Driscoll, senior vice president and director of residential lending at Massachusetts-based bank Rockland Trust That's largely due to rising homeownership costs, he says. The median U.S. home price is now $435,000, per NAR — up 39% since 2020 — while the average 30-year fixed mortgage rate has more than doubled to over 6% in that time. Younger homebuyers struggle t
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