Not only are fewer Americans buying new houses, but homeowners are also ageing up.
In the 1980’s, the typical home buyer was in their late 20s: a full decade younger than today’s cohort. Today, the median first-time buyer age increased to 38 years old in 2024, compared to 35 the year before, which the report says “underscores the hurdles to entering the housing market.”
Gen Z, who are unemployed and debt-ridden, may have to wait even longer to get on the property ladder—that is, if they manage to get on it at all.
Just five decades ago, owning a home and achieving financial security was a reality for many in their 20s. But Gen Z have faced unique economic and market challenges that are holding them back from stable housing.
“Each year provides new opportunities and challenges for buyers and sellers,” the report says. “This year highlights the difficulty home buyers face amid a housing affordability crisis with limited housing inventory.”
That’ll make Gen Z the richest generation in the next 20 years; Just, they’ll be coming into wealth as they turn 50, compared to the baby boomers who bought their first homes in their 20s.
