The housing market hasn’t been inspiring for prospective homebuyers lately.
With many potential buyers waiting on the sidelines as interest rates rise, home sales are taking a hit.
In 2024 and 2025, existing home sales were identical, at 4.06 million. However, that number fell to a seasonally adjusted annual rate of 3.75 million in October 2026, according to the National Association of Realtors. It’s the lowest number in over a decade.
“Home buying is difficult when mortgage rates have climbed to their highest levels since 2000, aside from a single month in 2023,” NAR Chief Economist Lawrence Yun said. “As a result, home sales fell to their lowest level since August 2010.”
So who’s still buying homes?
NAR released its annual Profile of Home Buyers and Sellers. This year’s report covers home sales between July 2025 and June 2026, offering a snapshot of the economic climate and housing market over the past year.
Since the previous report, the median homebuyer age has dropped slightly, while their income has grown considerably. Buyers also resoundingly favor the suburbs.
Here’s what the typical homebuyer looked like in the past year, according to NAR.
The median age of a homebuyer dropped to 58, down from its peak of 59 last year.
The steady increase in the median age of homebuyers has been a talking point for years.
When NAR published its first report in 1981, the median age of all homebuyers was 31 — now it’s up to 58.
For first-time homebuyers, that number stayed put at 40, while the age of repeat homebuyers also stayed flat at 62. While the age of first-time buyers is usually the report’s main talking point, the median age of repeat buyers has increased at a faster rate since 1981.
Even though the median homebuyer age was 58, the most common homebuyer was in the range of 65 to 74 years old — that age group made up 26% of all homebuyers.
More married couples bought homes than single buyers.
Homebuyers figured it was easier to go in on a house with another person than alone.
Married couples accounted for the largest share of homebuyers by a wide margin. Sixty-three percent of all homebuyers were married.
The amount of single women homebuyers slightly decreased to 20% — after doubling since 1985 — but they are still more common than than single men, who accounted for 8% of all homebuyers.
The gap between single women and single men homebuyers was only a 2% difference in 1985 — 11% and 9%, respectively.
The typical homebuyer’s household income is well above the nationwide median.
According to the US Census, the median household income reached its peak in 2025 at $87,460. Homebuyers this year make well above that, with a median household income of $120,000. For first-time buyers specifically, that number is $100,000.
Most homebuyers are empty nesters.
The typical buyer bought a house with three bedrooms, two bathrooms, and 1,900 square feet of space; enough room for children or extra guests. Most buyers, however, were without kids.
Homebuyers with no children under 18 living in the home accounted for 74% of buyers.
Buyers with one or two children made up 10% of buyers, and those with three or more children made up 6%.
Most buyers have at least one college degree.
Today’s homebuyers are highly educated. NAR’s survey found that 30% of buyers have a bachelor’s degree, followed by 27% with a master’s degree, MBA, or law degree. Just 16% are high-school graduates.
College graduates tend to have higher incomes than people without degrees, which may help explain their higher homeownership rates.
The suburbs are the place to be.
The suburbs are the “It” place for the typical buyer.
This year, 48% of all buyers purchased homes in suburban neighborhoods, compared with 21% in small towns and 14% in rural areas.
It’s a reversal from recent years. In 2022, the share of buyers purchasing homes in the suburbs fell below 40%. Small towns and rural areas attracted an influx of buyers that year, narrowing the gap between suburban and small-town buyers.
As more Americans gravitate toward suburban areas, the shift suggests the pandemic-era rush for more land and space in smaller towns and rural communities is easing.
The typical buyer doesn’t want to share walls.
The typical homebuyer would rather not share walls with neighbors.
This year, 80% of homebuyers chose detached homes. By comparison, townhouses accounted for 7% of purchases, while duplexes and condos made up 4%.
With buyers continuing to favor the suburbs, it’s not surprising that condos, often concentrated in urban areas, are getting less love.
Repeat buyers are dominating homebuying.
The real estate market is increasingly a tale of the haves and have-nots. NAR’s survey shows that first-time homebuyers are struggling to keep up.
In 2026, the typical buyer had already purchased one or more properties. Repeat buyers, whether purchasing a new primary residence or a vacation home, accounted for 78% of all home purchases.
Repeat buyers are also much older than they were in the past. In 2026, their median age is 62, compared with 36 in 1981.
“Repeat buyers are driving the housing market,” said Jessica Lautz, NAR’s deputy chief economist and vice president of research. “Unlike first-time home buyers, repeat buyers have seen their housing equity grow rapidly over the past decade, enabling them to trade up for larger homes or move into more desirable locations. These are often moves by choice rather than necessity.”
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