For the most part, the people who are buying a home for the first time have the means to do so.
CNBC reports that first-time buyers, on average, are 32 years old and earn $72,000 a year, well above the nation’s overall median household income of $56,516. These statistics come from the National Association of Realtors.
Buying a house is more difficult than 40 years ago, when first-time buyers were younger and earned less. CNBC says that homebuying is less accessible in 2017, and that many buyers are already wealthy or get help from their parents.
First-time buyers are also largely white (79 percent), born in America (78 percent) and child-free (60 percent) but still married (58 percent).
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