How much is a first-time homebuyer down payment?

The typical down payment for a first-time homebuyer in 2023 was 8 percent, according to the National Association of Realtors. The size of your down payment depends on your finances, the price of the home and the type of mortgage you get. In general, the higher the down payment, the better your interest rate and other loan terms.Learn more: How much is a down payment on a house?

What are first-time homebuyer assistance programs?

A first-time homebuyer assistance program helps reduce the cost of buying a home. These programs typically include features like a lower interest rate and/or reduced mortgage insurance, down payment assistance and grants.

How old are first-time homebuyers?

The median age for a first-time homebuyer in 2023 was 35 years old, according to the National Association of Realtors.

First-time homebuyer statistics 2024

Written by

Andrew Dehan,

Edited by

Suzanne De Vita

Published on February 28, 2024 | 2 min read

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Key first-time homebuyer insights

First-time homebuyers accounted for 32% of all buyers in 2023, up from 26% in 2022. (National Association of Realtors)
The median age for a first-time home buyer in 2023 was 35, down from 36 in 2022. (National Association of Realtors)
The typical down payment for a first-time homebuyer in 2023 was 8%, the highest it’s been since 1997. (National Association of Realtors)
Among current homeowners, 14% used a first-time homebuyer grant or assistance program to help with the down payment and closing costs for their first home. (Bankrate)

What is a first-time homebuyer?

A first-time homebuyer is a homebuyer who’s never owned a home before — with one notable exception. If you’re applying for a first-time homebuyer loan or assistance program, you’re considered a first-time buyer so long as you haven’t owned a home in the past three years. That means even if you’ve owned a home in the past, you could still get help buying another one.

First-time homebuyer age statistics

Looking back 40 years, here’s how the median age of first-time homebuyers has shifted.

First-time homebuyers by demographic

Here’s how first-time homebuyers in 2023 broke down by demographic.

First-time homebuyers by race and ethnicity

Here’s a comparison of first-time homebuyers versus repeat buyers in 2023 by race and ethnicity.

	Black/African American	Asian/Pacific Islander	Hispanic/Latino	White/Caucasian
Source: National Association of Realtors
First-time homebuyers	49%	43%	32%	24%
Repeat homebuyers	51%	57%	68%	76%

First-time homebuyer FAQ

The typical down payment for a first-time homebuyer in 2023 was 8 percent, according to the National Association of Realtors. The size of your down payment depends on your finances, the price of the home and the type of mortgage you get. In general, the higher the down payment, the better your interest rate and other loan terms.

Learn more: How much is a down payment on a house?
A first-time homebuyer assistance program helps reduce the cost of buying a home. These programs typically include features like a lower interest rate and/or reduced mortgage insurance, down payment assistance and grants.
The median age for a first-time homebuyer in 2023 was 35 years old, according to the National Association of Realtors.