Today’s buyers look vastly different from a generation ago

NAR’s annual profile of homebuyers, which includes several new records, illustrates just how hard of a market it’s been for would-be homeowners.

By:  AJ LaTrace

November 4, 2024

Key points:

• The share of first-time buyers dropped to a record low of 24% of all buyers, NAR reported.
• Buyers are also waiting longer to make a purchase: The typical age of both first-time and repeat buyers hit new highs.
• The share of buyers with young children at home reached a record low, while those in multigenerational households hit a new high.
• Stubbornly low inventory and high interest rates took a toll on the housing market in the last year, but perhaps no demographic was affected more than first-time buyers.
• The National Association of Realtors’ 2024 Profile of Home Buyers and Sellers helps drive home exactly how tough the market was for buyers, illuminating a number of new firsts that illustrate the changing landscape — and demographics — of the American homebuyer. Read More

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