How to Crack the US Housing Market as a First-Time Buyer
The ultimate guide for rookie purchasers hoping to achieve the American Dream.
Purchasing property looms large in the American psyche as a milestone of adulthood and success. To reach the promised land, wannabe homeowners face high prices, stubborn mortgage rates and serious competition — obstacles that have pushed the share of rookie buyers to the lowest levels on record in a National Association of Realtors survey dating back to the 1980s.
As a group, first-time purchasers have shifted demographically. They’re crossing the home-buying finish line at an increasingly older age: 38 in 2024, compared to their late 20s in the 1980s. They’re also collectively getting wealthier as costs rise. The median household income of first-time buyers in 2024 grew to $97,000, a leap from $71,000 in 2022, according to the NAR.