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Who are today’s first-time homebuyers?

Learn who today’s first-time buyers are and what steps they’re taking to find the right homes for their budgets.

A snapshot of first-time homebuyers

From 2019-2020, first-time homebuyers—including millennials—were responsible for 31% of all home purchases.1

For buyers 39 and under:8

10 years

Average time planned to stay in a home

82%

bought a detached single-family home

6%

Average down payment for first-time buyers in 2019.9

How long is it taking millennials to save?

Millennial homeowners take an average of 3 years to save for their down payment.10 Still, this group is much more likely than other generations to ask family members for help funding their down payment.11

Your homebuying journey will be unique to your situation and needs. By creating a plan that works for you, it's possible to confidently reach your homeownership goals.

Make your homeownership dreams a reality

Contact a loan officer today to determine your financing options.

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1 “2020 Profile of Home Buyers and Sellers,” November 2020, National Association of Realtors

2 “Young Homebuyers Are Vanishing From the U.S.,” Nov. 7, 2019, Bloomberg

3 “Here’s how much you’ll really need to buy your first home (Hint: It’s more than you think),” June 30, 2020, CNBC

4 “2019 Profile of Home Buyers and Sellers,” Nov. 8, 2019, National Association of Realtors

5 “Throwback Thursday: First-Time Homebuyers Then and Now,” Jan. 10, 2019, National Association of Realtors

6 “Women Home Buyers,” November 2020, National Association of Realtors

7 “Increasing amount of Americans are getting mortgages before marriage licenses,” Feb. 21, 2020, HousingWire

8 “2020 Home Buyers and Sellers Generational Trends Report,” March 2020, National Association of Realtors

9 “The average down payment on a house & when to put down more or less money,” Dec. 18, 2020, The Mortgage Reports

10 “Survey: Nearly half of millennials cite living costs as a key barrier to homeownership,” Sep. 11, 2019, Bankrate

11 “2020 Millennial Homebuyer Report,” March 1, 2020, Clever Real Estate

12 “Optimism Reigns Amid Affordability Challenges,” Feb. 25, 2020, NerdWallet

13 “Home Buying 2020: Consumer Preferences Post-COVID,” July 22, 2020, Realtor.com

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