Average age to buy first home in US now 33

Getting married, owning a home, and starting a family is the American dream right? Well, for some, owning a home will continue to be just a dream as the US homeownership rate is the lowest it’s been since 1967. According to data from the Department of Commerce’s Census Bureau, the US homeownership rate has been steadily dropping since 2009 and hit 63.4% in the second quarter of 2015. So what’s causing this decline in homeownership? There’s one thing not to blame – millennials.

Although they may be somewhat contributing to the issue, as 50% are renters in the current strong rental market according to a report done by Urban Land Institute, almost all expect to own a home eventually. Those aged 34 and younger are buying homes, as married couples (65%), unmarried couples (14%), single females (12%), single males (8%), and other combinations (1%). This lack of traditional household formation indicates that being unmarried isn’t keeping millennials from buying homes. Furthermore, a study conducted by the National Association of Realtors shows that millennials do a good amount of research before starting the home buying process. Forty-four percent looked online as the first step in their process, 17% looked online for information about the home buying process, 10% contacted a real estate agent, and 10% talked to a friend/family about the process.