America’s first-time homebuyers are increasingly paying all cash — as median age remains at 40

A record 10% of Americans buying their first home paid entirely in cash over the past year, while the median age of first-time buyers remained at 40, a record high. The figures point to a housing market increasingly shaped by inherited wealth and accumulated assets, as many would-be buyers struggle with affordability.

The National Association of Realtors surveyed buyers who purchased primary residences from July 2025 to June 2026. First-time buyers made up 22% of purchases, still far below the pre-2008 norm of 40%; cash-paying first-time buyers had a median age of 54, compared with 38 for those using a mortgage, and were more likely to use an inheritance. Overall, 62% of first-time buyers used personal savings for a deposit, while 25% received help from family or friends.