Approximately 81 percent of Americans aged 23 to 31 who bought a home were first-home buyers, whereas only 48 percent of home buyers between 32 and 41 bought their first home in that year.
Gen Z and Millennial first-time buyers
It is no surprise that many Gen Z (18 to 22 years old) and Millennial (23 to 41 years old) home buyers are mostly first-time home buyers. These home buyers are in the early stages of their careers, or still studying in some cases, and often struggling to repay student debt, so they need to save for many years before they afford a down payment.
When do they sell?
These generations tend to stay in their first homes for several years, which means that the majority of home sellers are older than them. The share of income needed to afford a trade-up home is significantly lower than the money needed for a starter home. A trade-up home is a larger and more expensive home, which homeowners often buy after living in their starter home, or their first home, for several years. This progression generally happens when homeowners have climbed the career ladder and increased their incomes.
First time home buyers in the United States in 2021, by age group
Primary residence buyers; real estate purchased between July 2020 and June 2021
Method of interview
Online survey
Supplementary notes
Generation Z - 18 to 22 years
Younger Millennials - 23 to 31 years
Older Millennials - 32 to 41 years
Generation X - 42 to 56 years
Younger Boomers -57 to 66 years
Older Boomers -67 to 75 years
Silent Generation - 76 to 96 years
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National Association of Realtors. (March 23, 2022). First time home buyers in the United States in 2021, by age group [Graph]. In Statista. Retrieved June 30, 2022, from https://www.statista.com/statistics/504850/first-time-home-buyers-usa-by-age-group/
National Association of Realtors. "First time home buyers in the United States in 2021, by age group." Chart. March 23, 2022. Statista. Accessed June 30, 2022. https://www.statista.com/statistics/504850/first-time-home-buyers-usa-by-age-group/
National Association of Realtors. (2022). First time home buyers in the United States in 2021, by age group. Statista. Statista Inc.. Accessed: June 30, 2022. https://www.statista.com/statistics/504850/first-time-home-buyers-usa-by-age-group/
National Association of Realtors. "First Time Home Buyers in The United States in 2021, by Age Group." Statista, Statista Inc., 23 Mar 2022, https://www.statista.com/statistics/504850/first-time-home-buyers-usa-by-age-group/
National Association of Realtors, First time home buyers in the United States in 2021, by age group Statista, https://www.statista.com/statistics/504850/first-time-home-buyers-usa-by-age-group/ (last visited June 30, 2022)