New York Times, August 5, 2023, Is It Possible to Buy a House in Your 20s? Yes, but Only With Some Help.
The typical age of a first-time home buyer is 36, according to a recent survey from the National Association of Realtors. When the survey was first taken in 1981, the median age for first-time buyers was 29. Home prices surged in the first two years of the Covid-19 pandemic, and in recent months fell only slightly from those peaks.
The cost of renting has skyrocketed in many cities, eroding the ability of tenants to save. Add other forces — like high student loan debt and wages that haven’t kept up with inflation — and it’s no surprise that young adults appear to be renting for longer and becoming homeowners later, if ever. But against these odds, many are still making it happen. Twenty-nine percent of adults between the ages of 18 and 29 owned their homes in 2021, the Federal Reserve found.