First-Time Buyer Share Climbs to Multi-Year High

First-time homebuyers accounted for 34% of existing home purchases in March, the highest share since 2021, as improving affordability and down payment assistance programs drew new buyers into the market.

Median first-time buyer age fell to 34 from 36 last year, suggesting younger workers are entering homeownership despite elevated rates. Many are using FHA financing and parental gift funds.

Housing counselors recommend that aspiring first-time buyers check state and local down payment assistance programs, which can provide grants or forgivable loans of $10,000 or more.