Buying a house is a big deal at any age. But what is the median age for people making the move for the first time?

Answer: 40 years old

Questions:

• What are some factors that might contribute to the age at which someone buys their first home?
• What financial steps should someone consider taking in their 20s and 30s to prepare for buying a home?
• How would waiting until 40 to buy a home impact your long-term goals compared to your immediate wants and needs?

Here are the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (NAR): 

• First-time buyers made up 21% of home purchases, This is well below the 38% average seen since 1981.
• The typical first-time buyer was 40 years old this year, up from 35 last year, while the typical repeat buyer age rose to 62 years from a previous all-time high of 59 years
  
  

About the Author

Dave Martin

Dave joins NGPF with 15 years of teaching experience in math and computer science. After joining the New York City Teaching Fellows program and earning a Master's degree in Education from Pace University, his teaching career has taken him to New York, New Jersey and a summer in the north of Ghana. Dave firmly believes that financial literacy is vital to creating well-rounded students that are prepared for a complex and highly competitive world. During what free time two young daughters will allow, Dave enjoys video games, Dungeons & Dragons, cooking, gardening, and taking naps.