The demos of home buyers demonstrate the changes in today's society as compared to 30 years ago:
Bottom Line: According to the National Association of Realtors a lot has changed over the past 30+ years with regard to first time home buyers. Starting with the age and means of the average first timer.
30 years ago the average first timer was about 28, married with family planning in mind (pregnant or planning a family) and of average means. Fast forward to today and the average first-timer is 32, married but without kids or immediate family planning and of well above average means (avg. income of $72,000). The average age of all home buyers last year was 44. That's about ten years older than 30 years ago.
So here's the point that I wanted to address. We're seeing that often people are waiting until they're older and of greater means to buy. That's likely a mistake for most. With the average property being cheaper to buy than rent and mortgages available for as little as 3% to put down - if you have the means to rent, you almost certainly have the means to buy. With over 90% of the average American's net worth being derived from home equity...if you don't own a home, you miss out on 90%+ of what you might be worth overtime.