The average age of a first-time homebuyer has remained fairly consistent over the years, while the average age of repeat homebuyers continues to rise. It's important to consider your individual financial situation and the current housing market when determining if you're ready to buy a home. You'll have plenty of competition, so looking for homes in the winter could give you an edge. Waiting to buy a home can be beneficial if you're not in a financial position to buy a property at a younger age.
A study conducted by the National Association of Realtors and the nonprofit American Student Assistance found that 83% of nonhomeowners said student loan debt delayed their ability to buy a first home. Most states have housing departments that provide access and details to first-time homebuying programs. The average age of first-time homebuyers increased in a year, reflecting the difficulties Americans face when looking for a home. The debt-to-income ratio, also known as the DTI ratio, is a metric that mortgage companies use to determine if you can afford a mortgage.
Having a place to live is essential, and buying a home is an important milestone that many Americans are eager to achieve if they can afford it. According to an Urban Institute study, today's seniors became homeowners at a younger age than today's young adults. The Urban Institute looked at why millions of Americans are not buying homes and found that cost played a major factor. If you want to become a first-time homebuyer, there are many different programs available to help you reach your goal.
To get the most out of your purchase, consider looking for homes in the winter or spring when there is more inventory available. Ultimately, the best time of year to buy a home is when you are financially and emotionally ready.