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The average age of the American first time home buyer, as it relates to the average age of marriage.
Americans are most likely to purchase their homes after they get married based on the comparison of the average age of first-time home buyers and the average first-time marrying age. First time American home buyers have a median age of 32 years old. Meanwhile, the average age of Americans getting married for the first time is 29.5 years old for men and 27.4 years old for women. As the average marrying ages are less than the average home-buying age, these statistics show that most first-time house acquisitions are happening post-wedding.
MARRIAGE AND HOME-BUYING AGE STATISTICS
The average age of Americans who bought homes for the first time is 32 years old. If this average first-time home buying age is compared with the average marrying age of 29.5 years old for men and 27.4 years old for women, it can be concluded that on the average, home purchases are happening after the wedding. This is also supported by the data that 58% of first-time home buyers were already married.
Millennials comprise those who fall within the average marrying age mentioned above. They made up the largest generational group of home buyers at 34%. Additionally, 66% of these millennial buyers purchased homes for the first time, and 66% of recent buyers were married couples, thus further skewing the data to the most likely occurrence of post-wedding first-time home purchases.
OTHER REASONS FOR MORE POST-WEDDING HOME PURCHASES
This finding can also be backed by the fact that buying houses is fraught with financial risks and couples who are already married are more protected by existing laws.
There is also a trend of including a cash gift option in a couple’s wedding registry to fund future home purchase. This can be an indicator of home purchases happening after a wedding.
CONCLUSION
For various reasons, first-time home purchases are most likely to happen after the wedding. This can be implied from the data that the average first-time home buying age of 32 years old is greater than the average age for first-time weddings. American men marry for the first time at 29.5 years old, while for women, the average is 27.4 years old.