AgentIndustry News

First-time buyers increasingly older, single, according to Zillow data

Analysis paints picture of unmarried, over-30 buyers as millennials put off establishing households

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Takeaways: Today’s typical first-time buyer is actually a single person in his or her early 30s, toward the front end of the millennial generation. By comparison, in the late 1980s, 52 percent of first-time buyers were married. Americans are buying increasingly expensive first homes and spending more relative to their incomes than any time in the past 40 years, Zillow said. What does the average first-time homebuyer look like? It’s not a young couple fresh off their wedding and looking to establish a homestead for a growing family, as has been the norm in recent decades, according to Zillow. The online real estate marketplace’s analysis of first-time homebuyers finds that today’s typical first-time buyer is actually a single person in his or her early 30s, toward the front end of the millennial generation. That’s because, as noted by many economists and analysts, millennials are slow to establish “traditional” households, Zillow said. “Millennial...