By Aijaz Alam
What percentage of home buyers are first-time buyers?
21% of US home buyers were first-time buyers in the National Association of REALTORS' 2025 Profile of Home Buyers and Sellers, covering purchases from July 2024 to June 2025, a record low. NAR's monthly agent survey gives a higher share of sales, 31% in September 2026, because it measures a different thing.
- 21%Of US home buyers were first-time buyers, a record lowNAR 2025 Profile, Jul 2024-Jun 2025
- 24%First-time share a year earlierNAR 2024 Profile, Jul 2023-Jun 2024
- 31%Of existing-home sales went to first-time buyers in September 2026NAR REALTORS Confidence Index, monthly agent survey
- 40%NAR's historical norm for the first-time share before 2008NAR 2025 Profile highlights
- 40Median age of first-time buyers, a record highNAR 2025 Profile
The numbers
The full breakdown
First-time buyers' share of US existing-home sales, each month of 2026
| Month | First-time share of sales | Same month a year earlier |
|---|---|---|
| Jan 2026 | 31% | 28% |
| Feb 2026 | 34% | 31% |
| Mar 2026 | 32% | 32% |
| Apr 2026 | 33% | 34% |
| May 2026 | 35% | 30% |
| Jun 2026 | 33% | 30% |
| Jul 2026 | 29% | 28% |
| Aug 2026 | 30% | 28% |
| Sep 2026 | 31% | 30% |
NAR REALTORS Confidence Index, a monthly survey of NAR members about the sales they closed, as printed in NAR's Monthly Research Updates (Feb to Oct 2026) and the 13 Oct 2026 Existing-Home Sales release. Not the annual buyer survey.
Share of each generation's home purchases that were first homes
| Buyer group | Ages | First-time share |
|---|---|---|
| Younger Millennials | 27 to 35 | 60% |
| Older Millennials | 36 to 45 | 33% |
| Gen X | 46 to 60 | 21% |
| Younger Boomers | 61 to 70 | 8% |
| Older Boomers | 71 to 79 | 4% |
| Silent Generation | not given | 3% |
| All buyers | all ages | 21% |
NAR 2026 Generational Trends report, built on the same survey as the 2025 Profile (Jul 2024 to Jun 2025). Read each row as: of this group's purchases, this share were first homes.
Who first-time buyers were in the 2025 Profile
| Measure | First-time buyers |
|---|---|
| Share of all buyers | 21% |
| Median age | 40 |
| Median down payment | 10% |
| Used personal savings for the down payment | 59% |
| Used financial assets (401(k), stocks, crypto) | 26% |
| Used a gift or loan from family or friends | 22% |
| Married couples | 50% |
| Single women | 25% |
| Single men | 10% |
NAR release of 4 Nov 2025 and the 2025 Profile highlights PDF. Down payment sources can add to more than 100% because buyers can use more than one.
Over time
First-time buyers' share of all buyers, NAR's annual Profile
| Profile | First-time share of buyers |
|---|---|
| 2021 Profile | 34% |
| 2022 Profile | 26% |
| 2023 Profile | 32% |
| 2024 Profile | 24% |
| 2025 Profile | 21% |
Each Profile covers purchases from July of the year before to June of its own year (the 2025 Profile: Jul 2024 to Jun 2025). The 2021 and 2023 figures are the prior-year shares printed in the 2022 and 2024 Profile highlights. NAR called 26% in 2022 the smallest share since its data collection began; 24% and 21% have since been lower.
Why sources differ
Same question, different answers
| Number | When | Who measured | Why it differs |
|---|---|---|---|
| 21% | Jul 2024 to Jun 2025 | NAR 2025 Profile of Home Buyers and Sellers | Buyers of a home to live in, mail survey of 6,103; excludes investors and vacation homes |
| 31% | Sep 2026 | NAR REALTORS Confidence Index | Agents report on the sales they closed that month; different respondents and period |
| 24% | Jul 2023 to Jun 2024 | NAR 2024 Profile of Home Buyers and Sellers | Same survey, one year earlier |
| 40% | Before 2008 | NAR, historical norm | The long-run share NAR cites for the years before the 2008 crash |
Two NAR numbers circulate, and both are right for what they measure. The 21% comes from the annual Profile of Home Buyers and Sellers: NAR mails a survey to recent buyers of a primary residence and asks them whether this was their first home, over a full July-to-June year. Investors and vacation-home buyers are not in it. The 31% comes from the REALTORS Confidence Index, a monthly survey of agents about the deals they closed that month; it moves from month to month, from 29% to 35% so far in 2026, and it is a share of sales reported by agents, not of buyers answering for themselves, and it covers whatever closed that month rather than a full year. Vendor surveys by listing sites and lenders use their own samples and definitions and can give still other numbers. For the share of all home buyers, quote the annual Profile and its year; for the current market, quote the monthly figure and the month.
What it means
How to use these numbers
First-time buyers are now about one in five US home buyers in NAR's annual survey, half the 40% NAR describes as the norm before 2008. The share has fallen in two of the last three Profiles, to 24% and then 21%, and the typical first-time buyer is now 40 years old.
The monthly agent survey suggests 2026 may be a little better: first-time buyers took 29% to 35% of sales each month, at or above the same month a year earlier in eight of nine months. The two surveys measure different things, so this does not tell us what NAR's next annual Profile will show.
Costs explain much of the squeeze. The 30-year mortgage rate averaged 7.32% in the week of 22 Oct 2026, and the median existing-home price was $417,500 in September 2026. First-time buyers in the 2025 Profile put down a median 10%, and 59% used personal savings.
For agents and lenders, first-time buyers are a smaller, older group that needs a separate message. Younger Millennials remain the exception: 60% of their purchases were first homes.
Method and sources
How it was measured
Method
- Publisher
- National Association of REALTORS: Profile of Home Buyers and Sellers 2025; REALTORS Confidence Index in the monthly Existing-Home Sales release
- Sample
- Profile: 120-question survey mailed in July 2025 to 173,250 recent buyers of a primary residence; 6,103 responses, adjusted response rate 3.5%. Confidence Index: monthly survey of NAR members about their closed sales
- Margin of error
- Profile: +/- 1.25 points at 95% confidence
- Definition
- First-time buyer: has never owned a home before this purchase. Profile shares are of buyers; Confidence Index shares are of existing-home sales
- Released
- 2025 Profile, 4 Nov 2025; September 2026 Existing-Home Sales, 13 Oct 2026
- Checked at source
- 31 Oct 2026: NAR release of 4 Nov 2025, the 2022, 2024 and 2025 Profile highlights PDFs, NAR Monthly Research Updates (Feb to Oct 2026) and the 13 Oct 2026 release
- Next release
- NAR publishes the Profile each November (the 2024 and 2025 editions came out on 4 Nov); October 2026 existing-home sales on 12 Nov 2026, per NAR's statistical release schedule
- Last changed
- 30 Oct 2026
- Data files
- CSV · JSON (stable links)
Sources
- Profile of Home Buyers and Sellers; Generational Trends; Existing-Home Sales, National Association of REALTORS Industry body
- Primary Mortgage Market Survey (PMMS), Freddie Mac Industry body
Cite this page
APA
MLA
HTML link
FAQ
More questions people ask
Why does NAR report both 21% and 31%?
They come from two surveys. 21% is the annual Profile, which asks recent buyers of a primary residence. 31% (September 2026) is the monthly Confidence Index, which asks agents about the sales they closed.
Has the first-time buyer share ever been this low?
Not in NAR's Profile. NAR called 26% in 2022 the smallest share since its data collection began; it then fell to 24% in 2024 and 21% in 2025. Before 2008 the norm was 40%.
How do first-time buyers pay the down payment?
In the 2025 Profile, 59% used personal savings, 26% used financial assets such as a 401(k), stocks or cryptocurrency, and 22% had a gift or loan from family or friends. The median down payment was 10%.
Which generation has the most first-time buyers?
Younger Millennials (27 to 35): 60% of their purchases were first homes. For Gen X it was 21%, and for Younger Boomers 8%.
Every number on this page was checked at its original source (National Association of REALTORS, Freddie Mac). Free to cite with a link to this page.