Average Age of First-Time Home Buyers Hits Record High: Implications for Arizonans Revealed

PHOENIX — The landscape for first-time home buyers in Arizona is shifting. Recent data from the National Association of Realtors reveals that the average age for this group has risen to 38, the highest on record. This trend has left many young people feeling that home ownership might remain out of reach.

Students at Arizona State University’s Downtown Campus are out of touch with this reality. When surveyed, many estimated the average age of first-time buyers to be in their late 20s. Cindi DeWine, a realtor with Russ Lyon Sotheby’s International Realty, insists that homeownership is still attainable for proactive individuals.

“The affordable housing market looks fantastic right now for our first-time buyers,” DeWine stated, emphasizing the importance of having a solid plan. She highlighted that many recently approved first-time buyers have managed their expenses effectively, with out-of-pocket costs ranging from as low as $145 to around $2,024.

Preparation, according to DeWine, is key; potential buyers often spend up to 18 months researching before making a purchase. Currently, the Valley boasts over 9,000 single-family homes on the market, with more than 11,000 properties having sold in the past six months. The average sale price for these homes hovers around $450,000, a feasible option for many transitioning from rental situations.

DeWine advises those considering homeownership to consult a trusted real estate advisor and lender to explore multiple financing options. “Sit down, make a plan, and go find your next home!” she urged.