ORLANDO, Fla. – Sept. 29, 2014 – The age of first-time homebuyers in Florida and the nation changed little over the 2003-2013 decade. In the Sunshine State, the median age for a first-time buyer was 31 years in 2003 and 34 years in 2013.
However, the median age of all buyers – and specifically repeat homebuyers – grew over the same timeframe, according to an analysis of the most recent National Association of Realtors® (NAR) Profile of Home Buyers and Sellers by Nadia Evangelou, an NAR research economist.
In 2003, the median Florida homebuyer was 35 years old, according to Evangelou. But by 2013, that age increased to 55 years old.
For repeat buyers, the median age was 38 years old in 2003; by 2013, it grew to 60 years old.
"In 2011, the median age of homebuyers reached it highest value" nationally, Evangelou says in an NAR blog. The age of first-time buyers differs only a little each year, but there was "an obvious increase in the median age since 2003" for all buyers – "specifically for 2006 and beyond."
Evangelou's blog has three interactive maps that display each U.S. state's median age for the three buying categories – first time buyers, repeat buyers and all buyers. A sliding scale can be adjusted to show the yearly changes from 2003 to 2013. Click on any state for more information.
© 2014 Florida Realtors®
Reprinted with permission. Florida Realtors®. All rights reserved.