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What makes the headlines is the homeownership rate. Is it up? Is it down? Has it recovered? However, perhaps the more important question is: Who is behind that rate?

In 2010, the national homeownership rate was 65.4%. In 2024, it’s essentially the same at 65.3%. But behind that number, something important has changed.

Homeowners got older, and they aged faster than all households overall. In 2010, the median age of homeowners was just over 54. By 2024, it had increased to about 57.5. During the same period, the median age of all households also increased, but not as much. Homeowners are 3.4 years older than in 2010, while the median age of all households rose by 2.6 years. So yes, while the country is aging, homeowners are aging even faster. And they were already older to begin with.

That matters a lot. Because when homeowners age faster, this also means that something structural is happening in the housing market. Younger households are entering ownership more slowly or later in life, while existing owners are staying longer. So even though the homeownership rate hasn’t changed much since 2010, the people who own a home have.

This is even clearer when we compare homeownership rates by age group between 2010 and 2024. Homeownership rates for younger in their prime buying age have dropped. The rate for 25–34 year olds fell slightly. The same happened for households aged 35–44 and 45–54. Even the 55–64 group experienced a decline. The only group that did not see a decline is households 65 and older, where the homeownership rate is almost unchanged and remains very high. So, while the overall national rate looks very similar, data suggests that homeownership grew among older households. But this was expected to happen since the number of households aged 65+ increased dramatically over this period. That group grew by millions of households. In contrast, some of the prime homebuying age groups did not grow as quickly. In other words, older households are not just owning at high rates—there are many more of them. That combination helps explain why the overall homeownership rate looks stable even though it’s harder for younger households to buy a home.

The Aging Trend Spans Major Metros Like Los Angeles and Boston

When we look across metros with consistent geographic definitions between 2010 and 2024, the aging trend becomes even more visible. In some markets, the median age of homeowners rose by six to eight years over this period. In Oshkosh, WI, the typical homeowner is nearly eight years older than in 2010. In Santa Fe, NM, the increase is more than seven years. In Kahului, HI, it’s almost seven years. State College and Lebanon, Pennsylvania, are other examples. But that’s not happening only in these relatively smaller areas. Among large markets, the typical homeowner in the Los Angeles, CA, market was 59 in 2024 from 54 in 2010. In the Boston, MA, metro area, the median age of homeowners rose from 53 to 57. That’s not just population aging. That’s aging in place. It means homeowners are staying longer, and fewer younger households are entering at the same pace.

However, there are some exceptions to this trend. In some areas, such as Odessa and Midland, TX, the median homeowner actually got younger. These are markets with strong job growth and workforce migration. A few other areas—including Abilene, TX, and Jacksonville, NC—also became younger, mostly due to military presence and better affordability.

What That Means for First-Time Buyers

This aging trend in homeownership reflects what’s happening at the entry level. We are seeing some improvement in overall affordability as inventory builds and price growth moderates in parts of the country. But for first-time buyers, the gap is still wide. In 2010, first-time buyers earned about 15% more than what was needed to afford a typical starter home. Today, they earn roughly 30% less than the income required.

At the same time, the starter-home segment has narrowed. Historically, first-time buyers purchased homes about 15% below the median price. Today, buyers aged 25 to 34 are purchasing homes only about 3% below the median. That tells us how compressed the entry-level market has become.

So while the overall homeownership rate looks steady, the transition from renting to homeownership has become harder. When younger households enter later, and older homeowners stay longer, the result is exactly what the data shows: the same rate but an older owner.