If it feels like people are waiting longer to buy their first home these days, you’re not imagining things. The numbers back it up — and the story behind those numbers says a lot about where the market (and buyers) are headed.

According to the 2025 Profile of Home Buyers and Sellers from the National Association of REALTORS®, the median age of first-time homebuyers hit 40 years old this year — the oldest on record.

That’s up from 38 last year, and a long way from the late 20s, when most first-time buyers were entering the market back in the 1980s. So what changed?

Let’s break it down.

Buying a Home Today Really Is Harder

It’s not just perception — first-time buyers are facing real challenges. They now make up only 21% of all home purchases, the lowest share ever recorded. For decades, that number hovered closer to 40%.

Translation? Fewer people are buying their first home, and the ones who do are often waiting longer, saving harder, and carrying more financial weight than previous generations.

The Growing Divide Between First-Time and Repeat Buyers

While first-timers are trying to get a foot in the door, repeat buyers are running the show. They’re older, they’ve built up equity, and many don’t even need a mortgage to move.

Here’s what that looks like in 2025:

• The median repeat buyer is now 62 years old — the oldest on record.
• Nearly 30% of them paid all cash, compared to just 8% of first-timers.
• Repeat buyers put down an average of 23%, while first-timers managed 10% — the highest for new buyers since 1989.

With that much equity and cash flowing into offers, it’s easy to see why first-time buyers can feel like they’re constantly being outbid.

Why It’s Taking Longer to Buy Your First Home

Affordability is the biggest hurdle, and there’s a mix of factors driving it:

• Higher mortgage rates. The average rate during the study period was 6.69%, keeping monthly payments much steeper than they were just a few years ago.
• Limited affordable inventory. Most new listings are higher-end, which means true “starter homes” are becoming harder to find.
• Student loans and rent costs. 59% of successful first-time buyers used personal savings to buy, and 26% had to dip into retirement or investment accounts.

When you combine those realities, it’s no wonder it’s taking longer than ever to buy that first home — and why the average first-time buyer in 2025 is 40.

The Advantage Repeat Buyers Have

Repeat buyers have had a decade (or more) of price appreciation on their side. On average, they’ve owned their homes for 11 years before selling — plenty of time to build equity.

And when they do sell, that equity becomes a massive advantage. Many are able to buy their next home with smaller mortgages (or none at all), which gives them speed, flexibility, and leverage in multiple-offer situations.

So What Can You Do If You’re a First-Time Buyer?

Here’s the good news: just because it’s harder doesn’t mean it’s impossible. You just need a plan — and a few smart strategies to even the playing field:

• Look into down-payment assistance programs. There are local and state options that can help with closing costs or even offer forgivable loans.
• Ask your lender about creative financing. A 2-1 buydown or temporary rate reduction can make your first few years more affordable.
• Explore new construction. Many builders are offering rate incentives or credits right now.
• Consider multi-generational living. It’s becoming more common — 14% of buyers purchased a multi-gen home in 2025.
• Work with an experienced agent. Eighty-eight percent of buyers worked with an agent last year — and for good reason. The right guidance can make a big difference when every dollar (and decision) counts.

The Bottom Line

Yes, the average first-time homebuyer is older now — but that also means they’re entering homeownership with more stability, better financial footing, and a clearer sense of what they want.

Buying your first home in 2025 might take longer, but with the right preparation (and a good agent in your corner), it’s absolutely doable.

If you’re planning to buy your first home soon, let’s talk strategy — from financing options to local programs that can help you make your move. Your “someday” can still turn into sold.