Does anyone know what the average age is for somebody to purchase their first home?

Question

I'm 20 and my boyfriend is 24 and we are living in an apartment and will be for at least another year. I was just wondering what the average age is for people to make the down payment and get their first mortgage on a home? We aren't going to have kids so we won't have that expense, I just wanted to know what i can expect. I know everyone's different and salaries vary but what's a good goal to shoot for?

Answer 1

When I was in college a friend of mine became a garbage truck driver instead of going to school.  Five years later when I got out of college he had bought four rental properties and paid them off.  I bought my first home about two years later when I was 27 and my first rental property about four years after that.

It is a scary process because it seems like such a huge commitment, but it was the best financial decision I ever made.  I don't know what average would be and I don't know how anyone would be able to even accurately gather that data.

Answer 2

You shoot for that time when you can afford it. Some people can pull it off at 18, others not until they qualify for AARP. Like so many other things in life, an “average” here is useless.

Answer 3

if you want a house, start saving and plan on buying in 5 years when you have saved 10-20% of the purchase price.

personally, at your ages i'd recommend traveling and worrying about a house much late.  you have the rest of your lives to 'settle down'