First‑Time Homebuyers: Fewer, Older, and Paying All Cash

First‑time homebuyers are becoming a rare, cash‑rich, and surprisingly senior demographic. A new report confirms that the pool of first‑time buyers is shrinking, yet the share paying entirely in cash has hit a record high. At the same time, the median age of these buyers remains at a record high, underscoring how generational wealth is widening the divide between those who can purchase and those who are left watching the market.

The modern first‑time buyer is no longer the typical couple in their twenties juggling mortgages. Instead, they are an increasingly elderly group whose ability to pay cash sets them apart from the rest of the market. This dynamic has turned the entry‑level housing market into a showcase for unearned capital rather than a competitive arena for new owners.

While scarcity of buyers might normally cool demand, the presence of cash‑rich purchasers shifts the balance, reinforcing a market where wealth begets more wealth. The result is a widening canyon between those who can buy outright and those who are merely scrolling listings, a gap that reflects deeper socioeconomic divides.