First-Time Homebuyers: Toward a New Measure

Acolin, Arthur; Calem, Paul S.; Jagtiani, Julapa; Wachter, Susan M.

Working Paper

First-Time Homebuyers: Toward a New Measure

Abstract: Existing data sources show divergent estimates of the number of homes purchased by first-time homebuyers as a share of all home purchases. In this paper, we use a new data set to construct a time series of the share of first-time homebuyers. This series, based on the Federal Reserve Bank of New York Equifax Consumer Credit Panel (CCP), shows a significant decline in this share, particularly for young households, which is consistent with the decline in homeownership in this age cohort since the early 2000s.

Keywords: first-time home buyers; homeownership; credit access; housing market trends;

JEL Classification: R30; R31; R38;