In the span of a decade, the median age of homebuyers has risen by nearly 10 years and reached the age of 47, according to realtor.com. It was 31 in the 80s.
This trend may come to a surprise as data also shows that younger generations are entering the real estate market at an impressive rate. Yet, they are still waiting longer, sometimes much longer, than their parents had to when they bought their homes.
A number of factors, including other financial obligations such as student debt, may be a reason for the change. It’s also true that people are generally waiting longer to exercise life’s big events, like having kids, getting married and owning a home.
Even in big cities, which can attract more younger buyers, escalating prices and tight inventories are added hurdles to homeownership.
As the new year approaches, some 8.3 million first-home buyers will enter the market in 2020 and 2021, according to TransUnion, thanks in part to strong unemployment numbers, bigger salaries and low mortgage rates.
If you have been thinking about buying in Fort Collins, do not be deterred by this trend. While it’s true the median age of those buying a home is only increasing, it’s also true that homeownership is well within reach. With the right loan program and mortgage team, you may be able to achieve your goals and accelerate your homeownership timeline.