First-Time Homebuyers Slightly Younger in 2010-2013: Zillow

Register now

First-time homebuyers between 2010 and 2013 were slightly younger than in the previous four-year period, according to Zillow.

The median age for first-time homebuyers from 2010 to 2013 was 32.5. That's down from 33.3 years in the 2005-2009 period.

The median income for first-time homebuyers also fell over the same time period, to $54,340 from $58,088, in 2011 dollars. The median home price also fell, to $140,328 from $162,649.

Younger generations are renting for about the same time period before purchasing, when the two time periods are compared. First-time homebuyers are also waiting the same amount of time before having children.

"We know millennials value homeownership and want to buy," Svenja Gudell, Zillow's chief economist, said in a news release.

"The next challenge will be figuring out how they can save for a down payment and qualify for a mortgage, especially while the rental market is so unaffordable all over the country."

For reprint and licensing requests for this article, click here.
Originations Real estate Housing