40% Of New Mortgages Went To Buyers Under 35
WRE News May 22, 2024
Buyer
WRE News May 22, 2024
Buyer
Two in five (39.7%) new mortgages issued in 2023 went to homebuyers under the age of 35, according to new data from Redfin (NASDAQ:RDFN).
During 2013, more than one-quarter (26.5%) of buyers were between the ages of 35 and 44, while those between 45 and 54 accounted for 16.1% of new mortgages. Among the older buyers, 10.8% were between 55 and 64 and 5.4% were between 65 and 74.
Redfin determined the median age of first-time U.S. homebuyers last year was 35. However, the overall homeownership rate has not tilted in favor of extreme youth – only 26% of adult Gen Zers owned their home in 2023, compared to 55% of millennials, 72% for Gen Xers and 79% for baby boomers.
Separately, Redfin also issued a report that found one-third (33.4%) of single-family homes for sale in the first quarter were newly built, unchanged from one year earlier but down from a record-high 34.5% two years earlier. The portion of housing supply that’s newly built is still roughly double pre-pandemic levels, and there were 8.3 months of supply on the market nationwide in March compared to 3.2 months for existing homes.
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