According to new findings, the ideal age for most Americans to buy their first home is 28. A recent Bankrate study touted this number as the sweet spot that those surveyed seemed to gravitate to.
Of course, not everyone agrees. A quarter of men surveyed believe the ideal time to buy a first home is prior to age 25, but only 12 percent of women concur.
And region matters, too: Nearly one in five (18 percent) of Northeasterners thinks the ideal age is over 35, twice as many as any other region. This makes sense, as the cost of living in the Northeast tends to be higher, on average.
Income also impacts mindset. With so many millennials stuck under the weight of massive student loans, buying a home by 28 may seem a bit unattainable. Fifty-two percent of those making less than $30,000 per year think first-time homebuyers should be at least 30 years old, compared to 32 percent of those who make $50,000 or more per year.
So are ideals matching up with reality? Not quite. While 28 may be a goal, the median age for first-time homebuyers is 32, according to the National Association of REALTORS®. NAR's 2018 Home Buyer and Seller Generational Report notes that buyers 37 years and younger (millennials and Gen Yers) make up the largest share of homebuyers, at 36 percent, and 65 percent of these buyers were also first-time homebuyers.
Agents, what is the average age of first-time homebuyers in your area? Let us know in the comments below!
