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
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
