Median Age Of Home Buyers Rises 50 Percent
In the last 38 years, the media age of U.S. home buyers has jumped a sweet 16 years from 31 years old at the beginning of Ronald Reagan’s first year in office to 47 years old now. The median age has not dipped into the 30s since the recession.
“This is driven by an aging population, affordability, higher student debt levels and tighter mortgage lending standards for young people and individuals with lower credit scores,” Slok said. Those forces have contributed to lower levels of residential mobility, Deutsche Bank's chief economist Torsten Slok wrote in a research note.
Crain’s New York reported Slok flagged an eight-year gain in the median home-buyer age since the financial crisis. The median age hasn’t been below 40 since then, when it was 39.
The story also said Bloomberg Intelligence’s Drew Reading called the move-up segment a “comparatively weaker part of the market” as builders shift away from it. The move-up luxury market tends to be older, more well-heeled buyers
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