Today’s housing market features older buyers, fewer first-timers, rising prices and investor competition, making homeownership tougher for younger generations. Nearly 70% of adults over 65 believe the “American dream is still possible,” compared with just 39% of those under 30, according to a 2024 Pew survey. Baby boomers are buying more homes than millennials.
Median age of homebuyers
1981: 31 years old
2024: 56 years old (record high)
It’s easier to buy a home when you already own one. Today’s housing market increasingly pits homeowners with built-up equity against younger buyers trying to break in.
Market share of first-time buyers
1981: 44%
2024: 24% (record low)
Today’s homebuyers aren’t just competing with other families — they’re increasingly up against deep-pocketed investors.
Mortgage rates are at a 10-month low. Purchase demand continues to rise on the back of lower rates and solid economic growth. Though many potential homebuyers still face affordability challenges, consistently lower rates may provide them with the impetus to enter the market.
