In 2016, first-timers accounted for 46 percent of all homebuyers in the U.S., according to a new study from the Federal Reserve Bank of New York that analyzes first-time buyer traits and behaviors over time.
The study offers five key takeaways, finding that first-time buyers are getting younger every year. The average first-time buyer was 35.4 years old in 2016, versus 37.9 years old in 2000. First-timers also have smaller student loan balances than do repeat buyers. In 2016, the conditional average student loan debt for repeat buyers was $42,000, while first-timers averaged $29,000, HousingWire reports.
Earlier this week, we established that first-time homebuyers are not, in fact, being shut out of the housing market as some had feared, thanks to a recent study by the NY Fed.
Rather, their share of market participation has remained stable over time, rising and falling slightly over the last 17 years in response to market conditions, but averaging about 45 percent of the overall market.
Advertisement
Related Stories
New-Home Sales
New-Home Sales Steady During February
A small increase in mortgage rates during February led to a flat reading for new-home sales
Market Data + Trends
Hottest Markets for Rental Activity in February
Looking at February's rental activity, the West continued to be the most desirable region for apartment hunters for the second month in a row, with the South close behind
Market Data + Trends
Looking Ahead: Second-Quarter Housing Market Trends
Industry pros offer insights about what real estate trends we can expect to see during the next three months