The typical first-time home buyer in the U.S. was 40 years of age, an all-time high, according to an annual report released this week from the National Association of Realtors. The surveys were based on transactions between July 2024 and June 2025.

Additionally, only 21% of purchases were from first-time buyers, an all-time low and roughly half of the 2007 figure.

From a multifamily perspective, rental housing is now capturing adults for approximately an extra decade longer than it used to, primarily due to affordability and lack of inventory. While that is a boost to rental housing demand, the trend has been a drag on the economy and job market.

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