There is no age requirement to buy a home. If you can afford it, you can do it. But while you can buy a home at any age, factors such as cost of living, affordability, the inventory of available homes, and demographics influence at what age people actually do. That's the basis of a new study from the National Association of Realtors.
The study looked at the median age of home buyers in different parts of the country to determine which had the oldest and youngest home buyers. The youngest buyers were found in the Midwest, where the median age was 39 years over the past five years. The Northeast followed closely behind, with a median buyer of 40 years. The West and South had an older median buyer.
The reasons for the regional differences vary. For example, the Midwest is the country's most affordable region, which makes it easier for younger buyers to enter the market. The South, on the other hand, has an older median buyer due mostly to demographics. Older Americans tend to retire to warm weather climates, which drives the median higher in places like Florida, the state with the country's oldest median buyer at 50 years.
[Source: NAR]
