Average age of homebuyers in US now 56, but Utah still has younger buyers
Nov 8, 2024, 4:00 PM | Updated: 4:50 pm
A sign is displayed for a home on the market in Draper on Wednesday, Oct. 18, 2023. Just over 40% of homebuyers under the age of 30 used either a cash gift from a family member or an inheritance in order to afford their down payment, Daryl Fairweather, chief economist at Redfin, wrote last month, citing a Redfin-commissioned survey of recent movers conducted this spring. (Laura Seitz/Deseret News)
(Laura Seitz/Deseret News)
SALT LAKE CITY — The average age of homebuyers in the U.S. is now 56, according to a new report by the National Association of Realtors. However, local real estate agents say it’s not nearly that bad in Utah.
The average age jumped by 7 years since 2023. Despite the increase, Russell Faucette with The Stern Team said that there are still a lot of younger homebuyers.
“We still have 35% of our homebuyers that are between the ages of 25 and 34.”
Faucette said younger buyers may be holding off on buying a home because they already have so much debt.
“People are ending up with consumer debt [and] higher car payments as opposed to putting that high priority on buying a home first.”
DMBA Certified Financial Planner Shane Stewart said the combination of high interest rates and increasing prices keep younger buyers from buying homes.
Stewart said buying a house will become more affordable more if homes are built.
