In 2023, the median age of home buyers reached 49 years, up from 44 in 1981. First-time buyers made up 26% of transactions, the lowest share since tracking began. Mortgage decisions are shaping the next steps for buyers, from tight down payments to the number of offers needed to win a home.
Key Takeaways
- In 2023, the median age of all home buyers was 49 years, up from 44 in 1981
- 26% of home buyers were first-time buyers in 2023, the lowest share since NAR began tracking in 1981
- The median household income of home buyers in 2023 was $107,000, up 6% from 2022
- The median sales price of existing homes purchased by first-time buyers was $317,000 in 2023
- Repeat buyers paid a median $407,500 in 2023
- 87% of buyers financed with a mortgage in 2023
- 72% of buyers plan to stay in their home for 10+ years
- Home price growth expected at 2% in 2024
- Mortgage rates forecasted to average 6.5% in 2024
- Existing-home sales reached 4.09 million in 2023, down 19% from 2022
- Median existing-home price was $389,800 in 2023, up 5.1% YoY
- Housing inventory averaged 3.96 months supply in 2023
- Repeat buyers had a median income of $115,000 in 2023
- 75% of buyers looked at homes online first in 2023
- The typical home buyer searched for 10 weeks and viewed 9 homes in 2023
In 2023, homebuyers skewed older, with median age 49, while affordability and rates pushed more first-time buyers out.
Related reading
01 · Category
Demographics30 stats
01
In 2023, the median age of all home buyers was 49 years, up from 44 in 1981
02
26% of home buyers were first-time buyers in 2023, the lowest share since NAR began tracking in 1981
03
The median household income of home buyers in 2023 was $107,000,up 6% from 2022
04
43% of buyers were married couples in 2023
05
Single female buyers made up 19% of all buyers in 2023
06
9% of home buyers were Hispanic/Latino in 2023
07
Baby Boomers accounted for 39% of home buyers in 2023
08
21% of buyers were Gen Z or younger Millennials in 2023
09
62% of buyers were married or living with a partner in 2023
10
The average family size of home buyers was 2.6 people in 2023
11
81% of buyers owned a home previously before purchasing in 2023
12
15% of buyers were veterans or active military in 2023
13
Urban buyers made up 14% of total buyers in 2023
14
Suburban buyers comprised 46% in 2023
15
90% of buyers were White/Caucasian in 2023
16
Asian buyers were 7% in 2023
17
Black/African American buyers were 4% in 2023
18
57% of buyers had children under 18 living at home in 2023
19
The median education level was a bachelor's degree for buyers in 2023
20
89% of buyers were U.S. citizens in 2023
21
24% of buyers were self-employed in 2023
22
The share of buyers aged 23-31 was 15% in 2023
23
Buyers aged 65+ were 24% in 2023
24
51% of buyers were college graduates in 2023
25
37% of buyers had children over 18 at home in 2023
26
Rural buyers were 12% in 2023
27
68% of buyers were employed full-time in 2023
28
Single male buyers were 10% in 2023
29
6% of buyers were retired in 2023
30
The median age of first-time buyers was 38 in 2023
Interpretation
Demographics Interpretation
The American dream of homeownership is increasingly becoming a middle-aged, high-income relay race where the starting baton is now handed off at 38, leaving younger, single, and more diverse runners stuck at the gate.
02 · Category
Financing and Affordability30 stats
01
The median sales price of existing homes purchased by first-time buyers was $317,000in 2023
02
Repeat buyers paid a median $407,500in 2023
03
87% of buyers financed with a mortgage in 2023
04
Fixed-rate mortgages were used by 93% of financed buyers in 2023
05
The average 30-year fixed mortgage rate was 7.0% in 2023
06
Down payment averaged 14% of purchase price in 2023
07
First-time buyers' average down payment was 7% in 2023
08
23% of buyers used savings for down payment in 2023
09
16% used gift funds from family in 2023
10
FHA loans were used by 18% of buyers in 2023
11
VA loans comprised 12% of buyer financing in 2023
12
Conventional loans were 54% in 2023
13
38% of buyers said high mortgage rates were a major barrier in 2023
14
Affordability index averaged 98.3 in 2023
15
Housing affordability fell 15% YoY in 2023
16
Median monthly housing payment was $2,120in 2023
17
26% of buyers increased their down payment to get approved in 2023
18
Credit score average for buyers was 758 in 2023
19
Debt-to-income ratio averaged 36% for buyers in 2023
20
42% of buyers delayed purchase due to rates in 2023
21
Closing costs averaged 2-5% of loan amount in 2023
22
19% of buyers shopped rates with 3+ lenders in 2023
23
PMI was required for 11% of financed purchases in 2023
24
Refinance share of originations was 16% in 2023
25
Purchase originations totaled 1.52 million in Q4 2023
26
ARM share was 7.5% of new loans in 2023
27
55% of buyers said high home prices were a barrier in 2023
28
Low down payment loans (<5%) were 22% in 2023
29
45% of young buyers (under 35) faced affordability issues in 2023
30
Effective property tax rate averaged 1.1% for buyers in 2023
Interpretation
Financing and Affordability Interpretation
The 2023 affordability nosedive saw first-timers clinging to thin 7% down payments while repeat buyers leveraged their equity, creating a market where the bank of mom and dad became a crucial, if unofficial, secondary lender.
03 · Category
Future Outlook and Predictions29 stats
01
72% of buyers plan to stay in their home for 10+ years
02
Home price growth expected at 2% in 2024
03
Mortgage rates forecasted to average 6.5% in 2024
04
Existing sales projected at 4.1 million in 2024
05
First-time buyer share to rise to 30% in 2024
06
Inventory to reach 4.5 months supply by end 2024
07
Homeownership rate to tick up to 66% in 2024
08
New construction starts forecasted at 1.45 million in 2024
09
Affordability index to improve 10% in 2024
10
52% of buyers expect values to rise in next 5 years
11
Rent growth to slow to 2.5% in 2024
12
Builder confidence to average 50 in 2024
13
FHA originations projected at 950,000 in 2024
14
South to lead regional price growth at 3.5% in 2024
15
Investor activity to decline to 14% share in 2024
16
All-cash sales to drop to 25% in 2024
17
Gen Z buyers to increase to 5% share by 2025
18
Remote work buyers to seek larger homes in 2024
19
Multifamily completions to peak at 500,000 units in 2024
20
Delinquency rates to remain under 4% through 2024
21
Price-to-income ratio to ease from 5.5x in 2023
22
60% of renters plan to buy within 2 years
23
ARM usage to rise to 10% if rates stay high in 2024
24
Suburban migration to continue with 48% preference in 2024
25
Energy-efficient features demanded by 55% of future buyers
26
Case-Shiller index growth at 3% projected for 2024
27
Down payment assistance programs to aid 25% more first-timers in 2024
28
Jumbo market to grow 15% with rate cuts
29
35% of buyers anticipate refinancing within 2 years
Interpretation
Future Outlook and Predictions Interpretation
After a long winter of market discontent, the 2024 housing forecast suggests a slow but genuine thaw, where patient first-time buyers, motivated by slightly better affordability and a commitment to putting down roots, will cautiously wade back into a market that’s finally remembering what normal feels like.
More related reading
04 · Category
Market Conditions28 stats
01
Existing-home sales reached 4.09 million in 2023, down 19% from 2022
02
Median existing-home price was $389,800in 2023, up 5.1% YoY
03
Housing inventory averaged 3.96 months supply in 2023
04
Total housing starts were 1.41 million units in 2023
05
Homeownership rate was 65.7% in Q4 2023
06
New home sales totaled 668,000 units in 2023
07
Pending home sales fell 4.3% MoM in December 2023
08
Case-Shiller Home Price Index rose 5.6% YoY in November 2023
09
Mortgage delinquency rate was 3.72% in Q4 2023
10
Builder confidence index averaged 42 in 2023
11
Rents increased 3.2% YoY in 2023
12
Vacancy rate for rental properties was 6.6% in Q4 2023
13
Regional median home prices: Northeast $435,000in 2023
14
Midwest median $290,000in 2023
15
South median $375,000in 2023
16
West median $640,000in 2023
17
Inventory of homes for sale rose 13.4% YoY in December 2023
18
Months supply of inventory hit 3.8 months in January 2024
19
FHA loan originations totaled 912,000 in FY2023
20
VA loan volume was 389,000 in 2023
21
Jumbo loan share was 12% of originations in 2023
22
Distressed sales were 2% of all transactions in 2023
23
All-cash sales were 28% in 2023
24
Investor purchases were 16% of sales in 2023
25
Institutional investor share was 3% in 2023
26
Median listing price on Zillow was $419,200in 2023 average
27
Redfin's measure of competition index averaged 65 in 2023
28
Home price growth slowed to 4.3% YoY by end of 2023
Interpretation
Market Conditions Interpretation
In a housing market drunk on scarcity, fewer people got to pass out on the couch this year, but they definitely paid more for the privilege.
05 · Category
Purchasing Behavior30 stats
01
Repeat buyers had a median income of $115,000in 2023
02
75% of buyers looked at homes online first in 2023
03
The typical home buyer searched for 10 weeks and viewed 9 homes in 2023
04
51% of buyers used a real estate agent in 2023
05
14% of buyers purchased without a real estate agent in 2023
06
96% of buyers were satisfied with their home purchase after one year in 2023
07
FSBO sales accounted for 7% of total sales in 2023
08
33% of buyers offered full price or more in 2023
09
The typical buyer made 2 offers in 2023
10
20% of buyers waived the appraisal contingency in 2023
11
52% of buyers used Realtor.com or Zillow in their search in 2023
12
89% of buyers said their agent explained the process well in 2023
13
First-time buyers typically bought homes with 1,800 square feet in 2023
14
Repeat buyers purchased homes with median 2,100 square feet in 2023
15
28% of buyers moved to a different state in 2023
16
23% of buyers moved less than 10 miles in 2023
17
The top reason for buying was to own the home at 81% in 2023
18
13% bought for a job-related move in 2023
19
54% of buyers increased their offer price after initial rejection in 2023
20
41% of buyers said finding the right neighborhood was difficult in 2023
21
34% contacted only one agent before hiring in 2023
22
72% of buyers used a smartphone or tablet in their search in 2023
23
11% of buyers attended open houses as primary search method in 2023
24
Repeat buyers were on the market for 6 weeks on average in 2023
25
65% of buyers said price was the most important factor in 2023
26
60% of buyers wanted a home with a garage in 2023
27
17% wanted a pool in 2023
28
Single-family homes were desired by 89% of buyers in 2023
29
The median days on market for buyer purchases was 26 days in 2023
30
55% of buyers compromised on size of home in 2023
Interpretation
Purchasing Behavior Interpretation
The homebuying process of 2023 paints a picture of determined, tech-savvy buyers, who, armed with smartphones and realistic budgets, navigated a competitive market by making quick compromises on square footage but stubbornly few on price, all while placing immense trust in the agents who guided them to a purchase that, overwhelmingly, left them satisfied a year later.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
David Sutherland. (2026, February 13). Home Buyer Statistics. Gitnux. https://gitnux.org/home-buyer-statistics
MLA
David Sutherland. "Home Buyer Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/home-buyer-statistics.
Chicago
David Sutherland. 2026. "Home Buyer Statistics." Gitnux. https://gitnux.org/home-buyer-statistics.
Sources & references
18 datasets cited across this report · attribution is report-level