The market share for first-time home buyers decreased to a historic low of 24% in 2024, down from 32% in 2023, according to the National Association of Realtors' 2024 Profile of Home Buyers and Sellers.
“First-time buyers face high home prices, high mortgage interest rates and limited inventory, making them a decade older with significantly higher incomes than previous generations of buyers,” NAR Deputy Chief Economist Jessica Lautz said in a statement.
The typical home buyer’s median household income rose to $108,800 in 2023, compared with $107,000 in 2022.
Meanwhile, first-time buyers’ median household income was $97,000 in 2023, up from $95,900 in 2022.
Married couples made up the largest share of home buyers, with 62% of the market. Single women buyers made up 20%, single men made up 8% and unmarried couples made up 6%.
Read the full report here.
