By Sabrina Karl

Each November, the National Association of Realtors releases research findings on the past year’s homebuyers and sellers, and given the pandemic and its various ripple effects, NAR’s annual report has been turning up interesting trend changes the past two years.

The latest installment shows that average homebuyer age is going up, which can be attributed in two ways to more difficult home affordability as prices have increased. For one, a smaller share of first-time buyers purchased last year. In the 2021 findings, 34% of homebuyers were first-timers, but in 2022 that share is down to just 26%. It’s the lowest proportion of first-time buyers in the survey’s 41-year history.

In addition, pricier homes means required down payments are higher, which often translates into people needing more time to save. This year, the average age of first-time buyers was 36 and of repeat buyers, 59. Both represent a jump of three years from last year.

The 2022 findings also spotlighted a significant change in how far individuals are moving when they buy a home. From 2018 through 2021, the median distance between the home bought and the home moved from was 15 miles. But the latest data show that distance more than tripling, to 50 miles.

Further, more buyers are purchasing in small towns and rural areas than before. The share of homes purchased in small towns was 29% and in rural areas, 19%. Both are all-time surveyhighs.

Also interesting is that this year’s homebuyers expect to live in their new home 15 years compared to last year’s lower expectation of 12 years, and 28% say they will never move, compared to just 18% last year.

NAR’s “2022 Profile of Home Buyers and Sellers” is based on survey findings from those purchasing a home between July 2021 and June 2022.