![]() ![]() ![]() First-time buyers are older as a result of saving for down payments for longer periods of time or relying on a generational transfer of wealth to propel them into homeownership."įirst-time buyers made up only 26% of all buyers, down from 34% last year and a peak of 50% in 2010 during the First-Time Home Buyer Tax Credit. "Those who have housing equity hold the cards and they've fared very well in the current real estate market. "It's not surprising that the share of first-time buyers shrank to the lowest level ever recorded given the housing market's combination of historically low inventory, persistently high home prices and rapidly escalating interest rates," said Jessica Lautz, NAR vice president of demographics and behavioral insights. ![]() Housing affordability and inventory challenges significantly impacted when, where and how consumers purchased homes, according to the National Association of Realtors®' 2022 Profile of Home Buyers and Sellers, 1 an annual report released today and published since 1981, which analyzes the demographics, preferences and experiences of buyers and sellers across America. The median distance buyers moved from their previous homes more than tripled from the distance registered the previous four years as the shares of homes purchased in small towns and rural areas reached record highs. WASHINGTON (November 3, 2022) – When compared to a year ago, the share of first-time home buyers dropped to a record low, while the age of a typical first-time buyer increased to an all-time high. ![]()
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