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First-time homebuyer statistics 2024

Andrew Dehan Suzanne De Vita
Written by
Andrew Dehan,
Edited by
Suzanne De Vita
Published on February 28, 2024 | 2 min read

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MoMo Productions/ Getty Images; Illustration by Austin Courregé/Bankrate

Key first-time homebuyer insights

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  • First-time homebuyers accounted for 32% of all buyers in 2023, up from 26% in 2022. (National Association of Realtors)
  • The median age for a first-time home buyer in 2023 was 35, down from 36 in 2022. (National Association of Realtors)
  • The typical down payment for a first-time homebuyer in 2023 was 8%, the highest it’s been since 1997. (National Association of Realtors)
  • Among current homeowners, 14% used a first-time homebuyer grant or assistance program to help with the down payment and closing costs for their first home. (Bankrate)

What is a first-time homebuyer?

A first-time homebuyer is a homebuyer who’s never owned a home before — with one notable exception. If you’re applying for a first-time homebuyer loan or assistance program, you’re considered a first-time buyer so long as you haven’t owned a home in the past three years. That means even if you’ve owned a home in the past, you could still get help buying another one.

First-time homebuyer age statistics

Looking back 40 years, here’s how the median age of first-time homebuyers has shifted.

First-time homebuyers by demographic

Here’s how first-time homebuyers in 2023 broke down by demographic.

First-time homebuyers by race and ethnicity

Here’s a comparison of first-time homebuyers versus repeat buyers in 2023 by race and ethnicity.

Black/African American Asian/Pacific Islander Hispanic/Latino White/Caucasian
Source: National Association of Realtors
First-time homebuyers 49% 43% 32% 24%
Repeat homebuyers 51% 57% 68% 76%

First-time homebuyer FAQ

  • The typical down payment for a first-time homebuyer in 2023 was 8 percent, according to the National Association of Realtors. The size of your down payment depends on your finances, the price of the home and the type of mortgage you get. In general, the higher the down payment, the better your interest rate and other loan terms.


    Learn more: How much is a down payment on a house?
  • A first-time homebuyer assistance program helps reduce the cost of buying a home. These programs typically include features like a lower interest rate and/or reduced mortgage insurance, down payment assistance and grants. 
  • The median age for a first-time homebuyer in 2023 was 35 years old, according to the National Association of Realtors.
Written by
Andrew Dehan Arrow Right Icon
Senior Writer, Home Lending
Andrew Dehan writes about home loans, real estate and personal finance. He's taken the NMLS Loan Originator education classes and passed the MLO SAFE test. Besides Bankrate, his work has been published by Rocket Mortgage, Forbes Advisor and Business Insider. He’s also a poet, musician and nature-lover. He lives in metro Detroit with his wife and children.