"By the time she turned 40, Suzie Payne had resigned herself to the fact that she would never be able to buy a home. While her friends spent their 30s checking off that prized milestone - often with help from their parents - Payne struggled to save money while raising a daughter on her own. Home prices in Portland, Oregon, where she lived, felt out of reach long before the pandemic hit."
"In 2021, though, Payne moved to Philadelphia, where the homebuying possibilities seemed to open up. She could still find an old rowhome in the city for a little more than $200,000, well within her price range. She got a new job, took classes for first-time homebuyers, and discovered that she qualified for a larger loan than she'd expected. In the summer of 2024, she enlisted the help of a real estate agent and submitted a winning bid on a house. She was 42."
"Payne describes her path as "non-conventional," but she represents a sea change in real estate: First-time homebuyers are older than ever. New data from the National Association of Realtors shows that between mid-2024 and mid-2025, the typical age of a first-time buyer reached a record high of 40. The median age for all buyers rose to an all-time high of 59, up from 47 in 2019."
Suzie Payne bought her first home at 42 after moving from Portland to Philadelphia, finding affordable rowhomes and qualifying for a larger loan. She lost a job earlier and struggled to save while raising a daughter alone. Mortgage rates fell in 2020 but Payne prioritized basic needs then. Between mid-2024 and mid-2025, the typical age of a first-time buyer reached 40, a record high. The median age for all buyers climbed to 59, up from 47 in 2019. Older, wealthier Gen X and baby-boom buyers are better able to absorb higher borrowing costs and pricier homes. The share of purchases by first-time buyers has declined.
Read at Business Insider
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