First-Time Homebuyers Older, Earn More, and More Likely to Be Single

Median Income of First-Time Buyers Rises to $95,900 Amid High Mortgage Rates and Home Prices

First-time homebuyers in 2023 are older, earn more, and are more likely to be single or childless than in the past, according to the 2023 Profile of Home Buyers and Sellers by the National Association of Realtors (NAR).
The typical first-time buyer was 35 years old this year, the second-oldest age in four decades of NAR’s data.
First-time buyers reported a median income of $95,900, up from $71,000 last year, and their typical down payment was 8%, the highest since 1997.
52% of first-time buyers were married, compared to 63% of repeat buyers, and 36% have a child under the age of 18 living at home, down from 44% last year.
Despite high mortgage rates and home prices, 60% of first-time homebuyers said the primary reason for purchasing a home was the desire to own a home of their own.