The median age of a first-time buyer has reached 40. High prices, steep borrowing costs and unequal access to family wealth help explain why.
By Danielle Mercer | M•I•A MEDIA GROUP
A young South Florida renter can save for years, find a home below the county’s median price and still discover that the monthly payment is beyond reach. The down payment is only the first hurdle. Once property taxes, homeowners insurance and, in some buildings, association dues are added, a home that looked attainable online can cost more each month than the buyer can afford.
Nationally, the median age of first-time buyers was 40, matching a record high, according to the National Association of Realtors’ 2026 survey of people who bought homes between July 2025 and June 2026. First-time buyers accounted for just 22% of purchases in the survey, up slightly from the previous year but well below the roughly 40% share typical before 2008. Harvard University’s Joint Center for Housing Studies found a similar shift from another angle: 37% of households headed by someone under 35 owned their homes in 2025, down from 39% in 2022.
What $400,000 buys on paper
In September, the median sale price of a single-family home in Miami-Dade County was $692,000, up from $665,000 a year earlier, according to the Miami Association of Realtors and RWorld. Across the state, the median was $415,000. Even a buyer who found a $400,000 home and put 10% down would need $40,000 up front before closing costs. At Freddie Mac’s Nov. 5 national average rate of 7.18% for a 30-year fixed mortgage, that buyer would pay about $2,440 a month in principal and interest alone. The actual cost would also include taxes, insurance and any applicable mortgage insurance or association fees.
A condo may come with a lower asking price, particularly in parts of Broward County, where local real estate researchers have identified a larger supply of lower-priced condos. But buyers also have to account for monthly association dues and potential special assessments. Miami-Dade County has a program designed to help qualifying condo owners pay assessments tied to building recertification, though the county lists it as temporarily paused. Those costs can change what a household can afford long after closing.
Who can afford to wait?
Family resources can determine how long a buyer spends saving. A quarter of first-time buyers in the national survey used a gift or loan from relatives or friends for their down payment. One in 10 used an inheritance. For a young adult paying market rent and student loans, that assistance can mean buying years earlier. Its importance also has implications for Black first-generation buyers. Harvard’s researchers found that households of color experienced larger-than-average declines in homeownership from 2022 to 2025, widening longstanding racial gaps. When fewer families own homes, fewer can draw on housing equity to help the next generation buy.
Local assistance can help with the upfront cost. Miami-Dade County lists a deferred, interest-free down payment loan of up to $35,000 for eligible first-time buyers. The program can help a household that has room in its monthly budget but is short on cash at closing. A household already stretched by the monthly payment faces a different problem, even with help toward the down payment.
That distinction matters as South Florida decides what housing to build and whom its assistance programs can reach. For young adults who want to stay near their jobs and families, an attainable starter home is one they can buy and still afford to live in when the first insurance renewal or major repair comes due.