How old were you when you bought your first home? What about when you sold your first home? See how your answers stack up against other home buyers and sellers in your area with this study from RealEstateAgents.com that ranks the 50 most populous metro areas in the United States based on the average age of home buyers, and home sellers, in each of the areas.
To conduct this study they collected data from the National Association of Realtors’ Home Buyers and Sellers Survey, and also included the average income of home buyers and home sellers in each of the metro areas. They found that the average age of a home buyer in the U.S. is 47 years old, while the average age of a home seller is 55 years old.
The youngest home buyers are located in the Buffalo-Cheektowaga-Niagra Falls, NY metro area and have an average age of 35. Two places were found to have the youngest home sellers at the age of 44 years old and they include the Minneapolis-St. Paul-Bloomington, MN and the Salt Lake City, UT metro areas.
As for the oldest home buyers and sellers in the U.S., the same metro area can be found at the bottom of both lists. The Tampa-St. Petersburg- Clearwater metro area has the oldest home buyers with an average age of 53 and the oldest home sellers with an average age of 54 years old.
This statistic isn’t all too surprising considering that these Florida cities have been longtime retirement destinations.
The results of this study can serve as a helpful tool to find the cities where a majority of younger people are moving to and buying homes in the United States, and is perfect for anyone that is seeking out (or even avoiding) areas where young professionals are living.
Do these metro areas have a special allure that has younger home buyers flocking to them, or are they just the best options for affordable housing at this time?