Despite recent data that younger generations are beginning to buy houses, on the whole, those same generations are waiting far longer than their parents did to buy their first house.
There are various reasons for that delay, including a dramatic increase in student loan debt and a general shifting of attitudes towards the traditional homebuyer cycle. Put simply, people are waiting longer to marry, have kids, and buy houses.
But just how much longer are people waiting to a buy house than they used to? Quite a long time, as it turns out.
As more members of the younger generation are postponing homeownership and homes are becoming multi-generational, the median age of U.S. homebuyers is now 47.
That figure has gone up eight years in just the last decade.
According to Realtor.com, the median age has increased by eight years since the financial crisis. But the trend goes back further than that.
A new report from Deutsche Bank Research shows that the median age of homebuyers in 1981 was 31. Since then, it’s gone up 16 years and now sits at 47.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.