by Marcus Thomas 
Millennials Continue to Be Fenced Out Of Homeownership
Today’s young adults continue to face delays in homeownership compared to past generations at the same age. Not only is the homeownership rate lower for those under 35 today compared to past generations, but the first-time buyer share is lower, and the age of first-time buyers is older than seen historically.
When looking at the U.S. population by age group, millennials are the largest generation of Americans, which should translate into the largest generation of home buyers. Millennials (ages 26 to 44 in 2023) alone represent nearly 86 million Americans. This compares to 60.7 million Gen Xers and 64.1 million Baby Boomers. Statistically, the age of 38 is the median age of today’s first-time home buyers. The median age of repeat buyers in 2025 is 61.
The age of first-time buyers today is the oldest seen since NAR first started collecting data on the age of buyers in 1981. Historically, a first-time buyer has been between the ages of 28 and 33. This represents a decade of lost housing wealth gains for homeowners. It also could mean one less move for a homeowner as they are purchasing at a later age. Thus, a home buyer could skip their starter home and move straight into a home that could fit their needs for the coming future.
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