With interest rates in 2020 at an almost all-time low, you would expect the average age of home-buyers to drop. It is time to reverse the shocking trending numbers of home buyer ages.
Did you know the median age of first-time home buyers in the United States has increased to 33? This is the oldest in record history since 1981. Another interesting statistic going in the wrong direction is the median age of all buyers. While the median age of a home buyer in 1981 in the United States was 31 years old, it is now 47 years old! (Source: National Association of Realtors).
These increases reflect a variety of factors facing Americans today.
There is undeniably a nationwide shortage of affordable housing. Additionally, student loans and other debts make it harder for Americans to save tens of thousands of dollars for a down payment. More than a third of all first-time home buyers borrow money from a friend or family member to cover the down payment. Even with the money for a down payment covered, to get in the housing market and away from high rental rates, being approved for a loan often requires finding the right loan officer.
Tight lending standards can make getting a bank loan difficult for borrowers with less-than-stellar credit scores. Luckily, there are mortgage lenders like Focus Capital located in San Diego, California. “We understand that housing affordability is perceived as difficult for those with low and bad credit, especially when coupled with student loan debt. Our business is proud to help everyone in need through our creative solutions and flexible lending programs,” says Nino Venturella, Operations Manager of Focus Capital.
Between the current low interest rates and mortgage lenders who employ loan officers who care about helping people live the American dream, predictions are in favor of the age of home buyers finally reversing direction.