T
he National Association of Realtors (NAR) replaced the cover photo of its 2025 “Profile of Home Buyers and Sellers” with an older couple, citing the survey’s finding that the average U.S. homebuyer is now 59 years old. Deputy chief economist Jessica Lautz explained that the original image of a young, expectant couple “didn’t match” the data, as young buyers are increasingly scarce.

    Key survey highlights:

    * Median age of all buyers: 59 (all‑time high).

    * Median age of first‑time buyers: 40 (all‑time high).

    * Share of first‑time buyers: 21 % (record low).

    * Repeat buyers, often wealthier, dominate the market; nearly one‑third paid in cash.

    * Median down payment: 23 % (highest since the 1980s).

    Lautz noted that the decline in first‑time buyers reflects a housing market “starved for affordable inventory.” She described the situation as a “tale of two cities,” where buyers with significant equity can make large down payments and all‑cash offers, while newcomers struggle to enter.

    Shannon McGahn, NAR’s chief advocacy officer, warned that delayed homeownership can cost families roughly $150,000 in equity if they wait until age 40 instead of 30. The affordability crisis is driven by high prices, limited supply, and mortgage rates hovering around 7 % for most of 2025. Many homeowners who locked in pandemic‑era rates are staying put for an average of 11 years, another record.

    First‑time buyers are feeling the squeeze. Minneapolis newlyweds Eve and Cael Burdick, both 30, said they are priced out even in a market below the national average, and a Richmond, Va., couple paused their search because of rising costs and job‑security concerns. Lautz said such stories are now typical, underscoring the need for action on inventory and affordability.

    Despite the bleak outlook for new entrants, demand remains strong among those who can afford it. Nearly nine in ten buyers used a real‑estate agent—a record high—highlighting the continued importance of professionals in a complex market.

    In short, the 2025 survey paints a picture of an aging buyer demographic, a shrinking share of first‑time purchasers, and a market where wealthier, repeat buyers dominate, while younger adults face mounting barriers to entry.