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.