Editor's Note: This story originally appeared on Construction Coverage.
While homebuying activity generally decreases with age, Americans over 55 still account for a substantial percentage of buyers nationally.
Older homebuyers, often driven by lifestyle shifts such as downsizing or relocating for retirement, tend to have financial advantages that benefit them in today’s market. With greater accumulated savings and home equity, they are often better equipped to make substantial down payments, secure favorable financing, or pay with cash.
To determine the locations with the oldest homebuyers, researchers at Construction Coverage calculated the percentage of homebuyers that are age 55 and older.
The data used in this analysis is from the Federal Financial Institutions Examination Council. Find details on our methodology at the end.
Here are the U.S. metropolitan areas with the oldest homebuyers.
20. Portland-Vancouver-Hillsboro, OR-WA
- Percentage of homebuyers age 55+: 18.7%
- Percentage of homebuyers age 65+: 8.3%
- Percentage of homebuyers age 75+: 1.9%
- Median home price (homebuyers age 55+): $575,000
- Median home purchase price (all homebuyers): $555,000
19. St. Louis, MO-IL
- Percentage of homebuyers age 55+: 18.8%
- Percentage of homebuyers age 65+: 7.7%
- Percentage of homebuyers age 75+: 1.6%
- Median home price (homebuyers age 55+): $295,000
- Median home purchase price (all homebuyers): $275,000
18. Memphis, TN-MS-AR
- Percentage of homebuyers age 55+: 19%
- Percentage of homebuyers age 65+: 7.1%
- Percentage of homebuyers age 75+: 1.5%
- Median home price (homebuyers age 55+): $325,000
- Median home purchase price (all homebuyers): $295,000
17. Oklahoma City, OK
- Percentage of homebuyers age 55+: 19.1%
- Percentage of homebuyers age 65+: 7.9%
- Percentage of homebuyers age 75+: 1.5%
- Median home price (homebuyers age 55+): $285,000
- Median home purchase price (all homebuyers): $265,000
16. Birmingham, AL
- Percentage of homebuyers age 55+: 19.7%
- Percentage of homebuyers age 65+: 7.9%
- Percentage of homebuyers age 75+: 1.6%
- Median home price (homebuyers age 55+): $315,000
- Median home purchase price (all homebuyers): $285,000
15. San Diego-Chula Vista-Carlsbad, CA
- Percentage of homebuyers age 55+: 20%
- Percentage of homebuyers age 65+: 7.5%
- Percentage of homebuyers age 75+: 1.8%
- Median home price (homebuyers age 55+): $895,000
- Median home purchase price (all homebuyers): $855,000
14. Sacramento-Roseville-Folsom, CA
- Percentage of homebuyers age 55+: 20.1%
- Percentage of homebuyers age 65+: 8.2%
- Percentage of homebuyers age 75+: 1.9%
- Median home price (homebuyers age 55+): $605,000
- Median home purchase price (all homebuyers): $585,000
13. Richmond, VA
- Percentage of homebuyers age 55+: 20.2%
- Percentage of homebuyers age 65+: 8.4%
- Percentage of homebuyers age 75+: 1.7%
- Median home price (homebuyers age 55+): $405,000
- Median home purchase price (all homebuyers): $385,000
12. Providence-Warwick, RI-MA
- Percentage of homebuyers age 55+: 20.4%
- Percentage of homebuyers age 65+: 7%
- Percentage of homebuyers age 75+: 1.2%
- Median home price (homebuyers age 55+): $475,000
- Median home purchase price (all homebuyers): $455,000
11. Tulsa, OK
- Percentage of homebuyers age 55+: 20.9%
- Percentage of homebuyers age 65+: 8.5%
- Percentage of homebuyers age 75+: 2%
- Median home price (homebuyers age 55+): $285,000
- Median home purchase price (all homebuyers): $275,000
10. San Antonio-New Braunfels, TX
- Percentage of homebuyers age 55+: 22.2%
- Percentage of homebuyers age 65+: 8.6%
- Percentage of homebuyers age 75+: 1.8%
- Median home price (homebuyers age 55+): $355,000
- Median home purchase price (all homebuyers): $345,000
9. Miami-Fort Lauderdale-West Palm Beach, FL
- Percentage of homebuyers age 55+: 24.8%
- Percentage of homebuyers age 65+: 8.2%
- Percentage of homebuyers age 75+: 1.8%
- Median home price (homebuyers age 55+): $465,000
- Median home purchase price (all homebuyers): $525,000
8. Virginia Beach-Chesapeake-Norfolk, VA-NC
- Percentage of homebuyers age 55+: 25.1%
- Percentage of homebuyers age 65+: 9.7%
- Percentage of homebuyers age 75+: 21%
- Median home price (homebuyers age 55+): $375,000
- Median home purchase price (all homebuyers): $345,000
7. Riverside-San Bernardino-Ontario, CA
- Percentage of homebuyers age 55+: 25.1%
- Percentage of homebuyers age 65+: 9.7%
- Percentage of homebuyers age 75+: 2.1%
- Median home price (homebuyers age 55+): $575,000
- Median home purchase price (all homebuyers): $585,000
6. Orlando-Kissimmee-Sanford, FL
- Percentage of homebuyers age 55+: 25.8%
- Percentage of homebuyers age 65+: 9.9%
- Percentage of homebuyers age 75+: 2%
- Median home price (homebuyers age 55+): $415,000
- Median home purchase price (all homebuyers): $435,000
5. Tampa-St. Petersburg-Clearwater, FL
- Percentage of homebuyers age 55+: 26.8%
- Percentage of homebuyers age 65+: 9.9%
- Percentage of homebuyers age 75+: 2.1%
- Median home price (homebuyers age 55+): $375,000
- Median home purchase price (all homebuyers): $405,000
4. Jacksonville, FL
- Percentage of homebuyers age 55+: 27.6%
- Percentage of homebuyers age 65+: 11%
- Percentage of homebuyers age 75+: 2.6%
- Median home price (homebuyers age 55+): $425,000
- Median home purchase price (all homebuyers): $405,000
3. Las Vegas-Henderson-North Las Vegas, NV
- Percentage of homebuyers age 55+: 27.6%
- Percentage of homebuyers age 65+: 11.3%
- Percentage of homebuyers age 75+: 2.5%
- Median home price (homebuyers age 55+): $455,000
- Median home purchase price (all homebuyers): $445,000
2. Phoenix-Mesa-Chandler, AZ
- Percentage of homebuyers age 55+: 27.7%
- Percentage of homebuyers age 65+: 11.6%
- Percentage of homebuyers age 75+: 2.8%
- Median home price (homebuyers age 55+): $485,000
- Median home purchase price (all homebuyers): $485,000
1. Tucson, AZ
- Percentage of homebuyers age 55+: 33.7%
- Percentage of homebuyers age 65+: 16.8%
- Percentage of homebuyers age 75+: 4.2%
- Median home price (homebuyers age 55+): $375,000
- Median home purchase price (all homebuyers): $375,000
Methodology
The data used in this analysis is from the Federal Financial Institutions Examination Council’s 2023 Home Mortgage Disclosure Act.
To determine the locations with the oldest homebuyers, researchers at Construction Coverage calculated the percentage of homebuyers that are age 55 and older. The researchers also calculated the percentage of homebuyers that are age 65 and older, as well as 75 and older.
In the event of a tie, the location with the greater percentage of homebuyers age 65 and older was ranked higher. For the purpose of this analysis, only conventional residential mortgages originated in 2023 were considered.
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