In Nigeria, what is the average age for a first time home buyer?
Posted on: June 20, 2020, by : insideoutsideabuja.com
- The typical age of home buyers has remained at 40’s years of age since 1999.
However, when looking closer there are differences among first-time home buyers and repeat home buyers.
The age of first-time home buyers fluctuates with household affordability. From 2010 to 2014, during the housing boom, younger buyers had a swift time entering the market and the typical age drop to 39. In 2017, the typical age of first-time home buyers rose to 45 and from 2018 to 2020, the typical age has continuously on rise to 48
Among repeat buyers the story is different. When many markets became buyer’s markets, current home owners stayed in their homes longer, putting off selling and moving to a different home. This affected not only tenure in home, but the typical age of repeat buyers. Repeat buyers increased in age steadily on an annual basis from 39 in 2018 to 48 in 2020.
You are right about the repeat buyer, but on new home buyers, I don’t think that age bracket is realistic please.
The age bracket is still pretty much realistic Uzor.
Is an opinion you can buy a house when you’re capable of doing so as far you rich the age of 18 and above. But because of Nigeria bad constitution it might not be allowed
You are not far from the truth Mr Hola. Even at 48yesrs of age, there is a limit of fund you can assess in your account before monetary anti grant agencies will raise a brow on you.
Nevertheless, our next article will be centre on the average property cost price in Nigeria. And that is what we do. To get you the best deal in terms of environment, facilities (security, good road network, water, electricity etc) at a very competitive price
Those people make the policies are the only capable of getting or buy those nice houses with public funds.
Yes, you are very correct. Plus some few exceptional innovative and hardworking Nigerian
As soon as you get the money and willing to buy then go for it
an average home 1st time buyer is becoming alarming in realistic format ..in my view nothing less than 30 yrs of age are now home first time buyer cause of the alarming source of income ..but the repeated home 1st time buyer increase in age …
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You have noted very interesting details ! ps decent website. Josy Erin Nahamas