Characteristics of First Time Buyers Differ by Age

The typical first-time homebuyer may not be who you think he or she is. A new report from Zillow says that rather than the young shopper eager to become a homeowner but worried about qualifying for a mortgage, nearly a third of today's buyers are over the age of 40 and have a "ton of buying power." They are confident about their finances and might even pay cash for their homes. Older first-time homebuyers have lower incomes (a median of $57,500) than the younger cohort ($72,500) but they told the Zillow surveyors they were not particularly concerned about qualifying for a mortgage and indeed they needn't have been. Only 22 percent were ultimately unable to qualify compared to more than a third of first-time buyers under the age of 40 who were denied a mortgage. Twenty-three percent of the older...(read more)

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