Today’s first-time homebuyer looks different than in years past. Faced with high home prices and elevated mortgage rates, first-time buyers have become a shrinking group – just 24% of the market last year, the lowest on record and down from 32% in 2023.
At the same time, the median age of first-time buyers climbed to 38, an all-time high and a jump from 35 the previous year, according to the National Association of Realtors’ (NAR) 2024 Profile of Home Buyers and Sellers.
This aging trend isn’t limited to new buyers. The typical buyer is now 56 years old, up from 49 years old a year ago. Among repeat buyers, the average age reached 61, NAR reports.
“The U.S. housing market is split into two groups: first-time buyers struggling to enter the market and current homeowners buying with cash,” said Jessica Lautz, NAR deputy chief economist and vice president of research.
Many current homeowners have built up substantial equity, which they’re now using to purchase new homes outright – no financing required. A significant number of baby boomers paid cash, 50% of older boomers and 40% of younger boomers, aged 60 to 69 and 70 to 78, respectively, according to NAR’s 2025 Home Buyers and Sellers Generational Trends report.
Younger buyers, however, are navigating a very different reality. More than 90% of buyers 44 years or younger financed their home purchase, according to NAR’s
2025 report.
Strategy one: Family gifts and loans
Of course, financing requires an adequate down payment, and with higher home prices driving up the required down payments, younger buyers are increasingly turning to their families for help, in addition to budgeting and saving. Among younger millennials – aged 26 to 34 – 27% received financial gifts to help cover their down payment. For older millennials, aged 35 to 44, 13% leaned on family or friends for assistance.
Strategy two: Shared living arrangements
Pooling resources is another growing trend. Two strategies are becoming more common: buying multigenerational homes and co-buying with friends or relatives.
Multigenerational homes: Seventeen percent of buyers purchased a home to accommodate more than one generation, up from 14% the year prior. Generation X, ages 45 to 59, leads the way, with 21% opting for homes that suit extended family living. Younger boomers follow closely behind at 15%.
Co-buying: Another increasingly popular strategy is platonic co-buying, or teaming up with someone other than a romantic partner to purchase a home. More than 61 million Americans – nearly 20% of the U.S. population – currently co-own a home with someone who isn’t their spouse. And that number is growing.
In 2025, approximately 30% of all home sales involve co-buyers, according to CoBuy, an online platform that facilitates shared homeownership. Colorado currently ranks No. 4 nationwide for co-ownership, according to the company.
What’s happening in Boulder County
In Boulder County, the local housing story is nuanced. Single-family home sales were down 2.7% in May 2025 compared to the same month last year, while inventory rose more than 29%, providing a 4.2-month supply of homes, according to the Colorado Association of Realtors® (CAR).
For townhomes and condos, sales dipped just 0.8%, while inventory increased more than 21%, resulting in a 5.5-month supply.
Even with more homes on the market countywide, prices continue to rise. The median sale price for a single-family home increased 3.2% to just under $900,000. For attached homes, the median price increased 9.5% to $550,000, CAR reports.
Bottom line
As affordability challenges persist, today’s homebuyer is often older, better resourced, or sharing the journey with family or friends. For first-time buyers, homeownership may take longer and demand more creativity, but it’s still possible.
Innovative strategies – such as co-buying, living with family and leveraging financial support – can help bridge the affordability gap. With the guidance of an experienced Realtor®, today’s buyers can still find a path to their first home.
Read more from the National Association of Realtors: First-time Home Buyers Shrink to Historic Low (nar.realtor/newsroom/first-time-home-buyers-shrink-to-historic-low-of-24-as-buyer-age-hits-record-high) and Baby Boomers Regain Top Spot as Largest Share of Home Buyers (nar.realtor/newsroom/baby-boomers-regain-top-spot-as-largest-share-of-home-buyers).
Jay Kalinski is the broker/owner of RE/MAX Elevate and owner of RE/MAX of Boulder. He is also an experienced Realtor, lawyer and veteran of the U.S. Air Force. He focuses on both residential and commercial real estate, with experience in real estate development and investment. Jay lives in Boulder and is a zealous advocate for his clients as well as an avid triathlete, runner, reader and supporter of Veterans’ causes.
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