Age of homebuyers getting older, according to new report
Nov 7, 2022, 9:00 AM | Updated: 9:26 am
(Kristin Murphy/Deseret News)
SALT LAKE CITY — A new report by the National Association of Realtors found that the age of homebuyers in the U.S. rose to the highest it’s ever been in 2022.
The NAR’s annual report recorded new highs for the average age of new and repeat homebuyers.
The report this year shares that the average age for new homeowners is 36 years old. The average age had previously held steady at 33 years old for the past three years.
And for repeat buyers, the average age in 2022 was up to 59 years old.
Both categories are the highest they’ve ever been, according to the association.
The NAR also reported the percentage of white and Hispanic buyers went up, while other racial and ethnic groups went down.
On top of this, first-time purchases only made up about a quarter of all home purchases, which is the lowest the report has ever found.
The report also found that people are traveling farther when they move; the average distance increased from 15 miles all the way to 50.