The median household income of first-time homeowners has hit a record high. It’s now $97,000, an increase of $26,000 from just two years ago.
That would also explain the median down payment is only 9%. That means first-time homebuyer market share decreased to a historic low of 24%, according to the latest survey from the National Association of Realtors.
Director of member and consumer survey research Brandi Snowden says the average age of a first-time homebuyer is now 38.
“Those first-time buyers are facing the limited inventory,” Snowden said. “They’re still having difficulty saving for their down payment. They’re also facing higher mortgage rates. So we’ve seen it’s very tough for these first-time home buyers to enter the market.”
If you’re wondering who is buying a home, 62% are married couples, 20% are single females, 8% single males, and unmarried couples represent just 6%.
