Chart of the day: The median age of U.S. home buyers is now 47. It was 31 in 1981.
The median age of U.S. home buyers is now 47, according to the data compiled by Deutsche Bank DB, +0.14%. In 1981, the median age of American home buyers was 31.
In larger U.S. cities that have proved more popular with today’s young adults, home prices have skyrocketed. Inventory is a significant challenge: Baby boomers are increasingly choosing to age in place, while home builders have focused primarily on the upper end of the market since the Great Recession.The average annual income of home buyers has increased to over $93,000 in the wake of the affordability crisis, according to the National Association of Realtors.
And those heavy debt loads can make it more difficult to get a mortgage for a home. “No one talks about this anymore, but it’s still really hard to get a mortgage,” said Nela Richardson, investment strategist at Edward Jones. “You need to have pristine credit.”Other factors are also at hand beyond the financial. Millennials have delayed marriage and having kids, for instance, which are milestones that tend to lead to people buying homes.
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