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Is This The Oldest First-Time Homebuyer?

Is This The Oldest First-Time Homebuyer?

What age should you buy a home and is there an age when it is too late to buy a home? Well, the answer to that might be tricky as we discovered that this person, Edward Simon Jones, 86 could be the oldest first-time buyer ever. According to Mail Online News, Simon as he is better known as a former care home resident and spent his whole life living on his family’s farm before moving into Marleyfield House, the care home facility.

According to the report, Simon is always excited to have his own home despite his age.  And then, when he finally bought a bungalow he was so happy because he can spend the last years of his life in his own surroundings.  Simon said: ‘I’m so excited to finally have a place of my own, I loved it at Marleyfield but I want to spend the remaining years I have in my own home.

But that was not in the United States.  Edward Simon Jones, 86 is now the owner of a bungalow in Flintshire, Wales in Britain.  His one-level home that costs £147,000 also has solar panels, just right to be on time for climate change adaptation.

Oldest Homebuyers In The United States

In the United States, do we have a similar story? Can people as old as Simon still buy a home and settle down comfortably?

A look at the US, first-time homebuyers’ recent demographics shows that on average, first-time homebuyers here are around the age of 33 years old and 47 being the oldest recently.  This data is relatively higher since it became available in 1981, and even though Millenials already surpassed Baby Boomers by population since 2019, the age at which they buy a home remains to be later in life.

Homebuyers in the US are also getting older, though we do not know how old yet is the oldest among them. Some of the factors that lead to this include continued increases in home prices, high mortgage rates, and student debt. Also, there is a scarcity in houses across the US, affordable housing in particular that makes the issue of buying a home more complicated.  In fact, according to the latest data typical age of repeat homebuyers increased from 36 to 59.

The diversity of first-time homebuyers also shrank. About 88% of all buyers were White/Caucasian, 6 percentage points more than in 2021.  Just 3% of purchasers were Black — half the figure of 2021 — while the proportion of Asian/Pacific Islander homebuyers fell to 2% from 6% last year, the lowest for both since the earliest data collection of race and ethnicity in 1997.

When Is It Too Late To Buy A Home?

We always believe that there is no such age as too late to buy a home, but as you grew older there are more hindrances to making your home purchase easier.  Mortgage payments might be more difficult as well since your age will be included as one of the major considerations, that is why we always recommend that as soon as you have the capacity to get your first-time home then go for it.

Mortgage rates had recently been on the rise but it is predicted that they might begin to fall by 2023.  Remember as well that when you buy a home, you also get an investment.  A home is never an expense and should never ever be considered an expense.

We are still in search of the oldest first-time homebuyer in the United States and if you happen to know someone please give us a comment.



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