First-time homebuyers at a record low
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First-time homebuyers at a record low
First-time homebuyers now account for a record-low 21% of all home purchases, according to the National Association of Realtors’ (NAR) 2025 Profile of Home Buyers and Sellers. This is the lowest share recorded since the NAR began tracking this data in 1981.
Key takeaways from the report:
- The median age for first-time buyers has risen to a record high of 40 years old.
- The share of first-time buyers has decreased by 50% since 2007, before the Great Recession.
- Limited housing inventory and affordability issues are cited as major factors driving this trend.
- The market is experiencing a “tale of two cities,” with repeat buyers using significant home equity for larger down payments and all-cash offers, while first-time buyers face ongoing struggles.
- Compared to the past, first-time buyers today are building less housing wealth and are likely to move fewer times over their lifetime.
- The gap between first-time and repeat buyers is widening, with the latter having a median age of 62 and often paying with cash.
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