The median age of Americans taking out their first mortgage fell to 33 years in the first quarter of 2026, down a full year from both the previous quarter and the same period in 2025, according to a new report published June 2 by the American Enterprise Institute. The drop marks a notable shift for first-time buyers who've been aging into homeownership over recent decades. Despite headlines suggesting buyers are getting older, the data shows they're actually younger now than they were at the turn of the millennium.

The AEI Housing Center report tracked both median and average ages for first-time mortgage borrowers across multiple time periods. In Quarter 1 of 2026, the median stood at 33 years and the average at 36.2 years. That compares to 34 years (median) and 36.8 years (average) in Quarter 1 of 2025. The previous quarter—Q4 2025—showed a median of 34 and average of 36.2. Looking further back, the year 2000 saw first-time buyers at a median age of 35 and average of 37.9 years, meaning today's buyers are two years younger at the median than they were 26 years ago.

The findings come from the New York Federal Reserve Bank Consumer Credit Panel, which releases quarterly data with minimal lag based on a 5 percent random sample of all credit reports. According to the report authors—Edward J. Pinto, Joseph S. Tracy, and Donghoon Lee—the panel tracks both borrower age and home buying history, measuring whether a borrower has had a previous mortgage on a home to determine first-time buyer status. The report notes that "there has been a modest decline since 2000" in first-time buyer ages. One important limitation: credit report data don't capture cash transactions, so first-time cash buyers aren't included in the dataset.

The data relies on credit reports that provide a comprehensive view of mortgage borrowing patterns but miss an important slice of the market—those wealthy or cash-rich enough to buy without financing. The report's methodology means the true median age for all first-time buyers could be different if cash purchasers skew older or younger than mortgage borrowers. The authors say they'll continue releasing quarterly updates on both median and average first-time homebuyer age data going forward, providing a regular pulse check on who's breaking into homeownership and when they're doing it.