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Federal Reserve Bank of Philadelphia
Working Papers
First-Time Homebuyers: Toward a New Measure
Arthur Acolin
Paul S. Calem
Julapa Jagtiani
Susan M. Wachter

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.

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Arthur Acolin & Paul S. Calem & Julapa Jagtiani & Susan M. Wachter, First-Time Homebuyers: Toward a New Measure, Federal Reserve Bank of Philadelphia, Working Papers 17-36, 09 Oct 2017.
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Keywords: first-time homebuyer; homeownership; credit access; housing market trends
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