Entertainment
When Older Renters Become First-Time Buyers
As some people age, they begin to think more seriously about building equity in their homes and having something to leave to their heirs.
It was the fire in her Harlem rental building that galvanized Sandra Foley.
With her longtime apartment suddenly uninhabitable, Ms. Foley, a nanny, stayed with her employer for a few months, then with an aunt. And she began to rethink the future.
“Getting older, you know, I wanted to make sure I had something for myself later in life or when I retired,” said Ms. Foley, 60, who moved to New York from Trinidad more than 30 years ago. “And I have a daughter, and I wanted to make sure that there was something left behind for her, too.”
Last year, she made her first home purchase — a one-bedroom co-op in Riverdale, the Bronx, in an all-cash deal for $170,000. While the monthly maintenance is more than she was paying in rent, “It’s worth it,” said Ms. Foley, who’s in the process of renovating the kitchen. “It’s totally worth it because this is something I own.”
In 2024, the median age of first-time buyers in the United States was 38, according to data from the National Association of Realtors. Only 11 percent of buyers in the 55-to-64 demographic, and 6 percent of buyers in the 65-to-74 category, were first-timers.
Hesitant older buyers have all sorts of reasons to explain their hesitation, said Kathy Braddock, co-owner of Braddock and Purcell, a residential real estate consulting firm. They may be paying an unbeatable rent, or they may be comfortable where they are and don’t want the hassle of relocating. They may not have the wherewithal for a down payment because they’re saving for their children’s college tuition. Or they may live in a big city where renting is the norm.
