According to the National Association of Realtors (NAR), the median age of first-time homebuyers was 36 in 2022. This is up from the previous year’s reported age of 33. While there isn’t necessarily a certain time at which homeownership should be considered, it’s important to take the necessary elements into account when making the decision to buy a home for the first time. Some of these things to consider include:
Financial stability: Homeownership is a big financial responsibility, so it’s crucial to ensure that you have stable income and savings to cover a down payment, closing costs, and ongoing maintenance expenses.
Location: Location is critical when it comes to buying a home. Consider your commute, access to amenities, and proximity to family and friends.
Property type: Are you looking for a fixer-upper, a move-in ready home, or new construction? Knowing what type of property you want can help narrow down your search and make the homebuying process smoother.
Maintenance: Homeownership comes with ongoing maintenance and repairs, so it’s important to be prepared for these expenses.
Ultimately, there is no set age to become a homeowner. It’s important to assess your personal and financial situation to determine if homeownership is the right decision for you at any age.