Here's how much money the average first-time homebuyer makes.

May 8, 2017

 

 

The New York Times' Real Estate section crunched data from the National Association of Realtors and came up with a profile of first-time buyers showing that first-time buyers are still generally millennials, albeit pretty successful ones.

 

First-time buyers are, on average, 32 years old and make $72,000 a year.

That makes them more well-off than the general population, since $72,000 is roughly the median income for a middle-class family of three. The overall median household income is $56,516.

 

First-time buyers are also largely white (79 percent), born in America (78 percent) and child-free (60 percent) but still married (58 percent).

 

Not that long ago, real estate was more accessible, and typical first-time homebuyers were younger and less affluent. In 1981, they were between the ages of 21 and 34. And houses served as a key way of accumulating wealth.

 

Now that property is harder to come by, its benefits are becoming more and more accessible only to those who are already wealthy — or to those who get significant help from their parents.

Some experts see a silver lining. Self-made millionaire and author Grant Cardone regrets buying a home at 30 and warns millennials against making the same poor investment. Guru Tony Robbins agrees: He encourages millennials to save up to purchase income-generating properties instead.

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