Buying a home is one of the biggest financial milestones you can reach, but how quickly can you get there? If you’ve ever wondered, “How old do you need to be to buy a house?”, the answer may be simpler and more layered than you would expect.
The legal age to buy a home is generally 18 in most states, but being “ready” to buy a home has more to do with your finances than your birthday.
Whether you’re dreaming of a condo in Detroit, Michigan or not, or a home home in Naperville, Illinois, this Redfin guide will help you break down legal requirements, financial preparation and wise strategies to help you achieve your homeownership goals at any age.
How old do you need to be to buy a house?
Let’s start with the basics. In most states, you must be at least 18 years old to legally purchase a home. This is the age of the majority. That is, you are the legal age where you can sign binding contracts, including real estate contracts and mortgage documents.
However, there are a few exceptions. Although 18 is the standard in most states, three states have different age requirements when it comes to buying a home.
In Alabama and Nebraska, the majority are 19 years old in Mississippi, and the majority is 21 years old.
Minors can technically own property (for example through trusts or inherited property), but they cannot legally enter into their own mortgage or purchase agreements. Therefore, unless the Guardian co-signs or holds an act of trust, you must wait until you reach the age of the majority of your state.
How old is the first home buyer?
So you can buy a house at age 18, but most people actually do that? not much. According to the National Association of Realtors (NAR), the average age of first-time home buyers is 38, with the number being upwards. In fact, today’s first-timers are older than ever, thanks to factors such as rising home prices, student loan liabilities and stricter lending standards.
Financial preparation: What really matters
Just because you are legally allowed to buy a house doesn’t mean you’re financially ready. The biggest hurdle is not age, but affordable prices. Here are some key factors that will determine whether you are ready to undertake a mortgage.
Buying a house is more about these numbers than your age. If you build your savings, have solid credits and can afford monthly payments, you may be in a better position than an older person who is not ready.
Lenders cannot discriminate based on their age, but retirees and seniors may face challenges to qualify for mortgages based on bonds. However, there is no legal limit to buying a home. It’s about your financial comfort and long-term goals.
Pros and cons of buying a young house
Buying a home in your late teens or early 20s can be impressive results, but it’s not without trade-offs.
Strong Points:
First-time Buyer Benefits: Many grants and support programs are available. Long-term investment: Increased housing value can benefit you. Building equity early: The faster you buy, the faster your investments will increase. Credit Boost: On-time mortgage payments will enhance your credit profile. Stability: Owning a home has benefits like permanence and independence.
Cons:
Homeownership Costs: Monthly expenses, repairs and taxes can extend your budget. Career Limitations: Owning a home makes moving more complicated. Lower flexibility: Rentals provide less long-term relationships with more freedom. Maintenance Responsibility: You are not the landlord, you are in charge of maintaining it.
Home buying strategies for young buyers
Buying a young house is not easy, but plans are definitely feasible. Some strategies used by younger buyers are:
Split monthly expenses to move to a more affordable city or suburban area to actively save rent and utilities to live at home and co-purchasing with partners, siblings or friends, earn lower home prices gifts, co-signs, or shared stock building credits early on using your credit card or secure loan
If you are serious about homeowners, don’t be discouraged by the national average. Focus on what’s right for you and find the program and solution that suits your situation.
Read >> How to Buy a Home in 2025: The Ultimate Step-By Guide
Mortgage options for young home buyers
If you are a young buyer and are ready to make the leap, there are several mortgage options designed to make it easier to get started. These include:
FHA Loan: Perfect for first-time buyers with low credit scores. You can qualify for just 3.5% down and a 580 score. Traditional 97: Backed by Fanny May or Freddie Mac, these loans offer a 3% down option. Perfect for buyers with higher credits (usually 620 or more). VA Loan: For eligible veterans or active service members. No down payment or PMI is required. USDA loans: target rural or low-income areas. We offer zero down options to qualified buyers. State or Local First Buyer Program: Many states and cities have given money to down payment assistance, profit reductions, or qualified first-time buyers.
Carefully investigate each program. Eligibility requirements, interest rates, and insurance costs vary. A mortgage lender can help you explore the best options for your financial situation.
>> Discover the benefits and qualifications of first-time home buyers
FAQ: At what age can I buy a house?
1. Can a 16 year old buy a house?
Legally, no. A 16-year-old can inherit the property or own it through a trust, but he cannot sign a mortgage or purchase agreement without a legal guardian.
2. What credit score do young buyers need?
The 580 score is the lowest FHA loan. For better terms, aim for a traditional loan 620+.
3.Do student loans affect your ability to get a mortgage?
Yes, your debt-to-revenue ratio is important. If your student loan payments are higher than your income, it can make it more difficult to qualify for a mortgage.
4. Can I get a mortgage without work?
That’s possible, but rare. Lenders usually want evidence of stable income. While significant savings can be helpful, it doesn’t replace employment income unless you have assets or a large down payment.
5. Is it smarter to rent it when you’re young?
That’s different. Rentals can provide flexibility, especially if your work or location is likely to change quickly. However, if you’re planning on putting it on and can afford to pay the upfront fee, the purchase may be a better, long-term move.
Please talk to a real estate agent
If you build a strong credit profile, save money, and feel confident in your job stability, you may be more prepared than you think. When that time comes, don’t try to understand it on your own.
Talk to a real estate agent who can help you progress through the process, connect with trusted lenders, and find a home that suits both your budget and goals. It will be your best guide to navigating everything from offers to inspections to closing dates.
