Younger Buyers Made Up 40% Of New Mortgages In 2023 -- Market Talk

Dow Jones05-21

1255 ET - Almost 40% of new mortgages issued in 2023 went to homebuyers under 35, and 26.5% went to buyers aged 35-44, Redfin says. Next came 45-54 year olds, who took out 16.1% of new mortgages. The breakdown by age has remained stable over the last five years, with younger Americans as the most common mortgage borrowers. The likelihood of taking out a mortgage declines as people get older. Gen Zers and millennials take out more mortgages because they are aging into homeownership: the median age of first-time U.S. homebuyers is 35. Younger buyers are likely to take out loans rather than pay for homes in cash because they haven't had much time to amass wealth and/or build equity from the sale of a previous home. Older buyers are more likely to pay in cash.(chris.wack@wsj.com)

(END) Dow Jones Newswires

May 20, 2024 12:55 ET (16:55 GMT)

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