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The falling percentage of first-time buyers suggests that they’re outcompeted by people who’ve already owned a house, not just older first-timers.
More details in the report highlights, although I don’t see a chart of median age over time. But there’s nothing here suggesting the demand surge is concentrated in millenials.
The craziest stat on that page is that, since COVID, all-cash purchases have gotten much more common. It’s got to be an inflation thing, right?
Unless we're talking about people who went to an apartment and are moving back to a house, or people buying second homes, non-first-time buyers can't crowd out first time buyers because they vacate one house when they buy a new one.
I was able to find the current report and the 2022 report. In 2022, 10% of first-time buyers were 18-24, 36% 25-34, 26% 35-44, 13% 45-54, 8% 55-64, 6% 65-74. In 2025, 4% were 18-24, 32% 25-34, 25% 35-44, 16% 45-54, 14% 55-64, 8% 65-74. So Millennials, but Xers and Boomers too.
Redfin has different numbers up to 2021.
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