They say you’re never too old to learn, but is there a point where you’re too old to buy a home?
Turns out, the answer might surprise you. Recent data from the National Association of Realtors® shows that the age of homebuyers is climbing higher than ever. The median buyer now stands at 56 years old — that’s seven years older than just last year. Even first-time buyers are waiting longer: the average age has nudged up to 38, from 35 the year before.
So what if you’re not in your 30s or 50s, but well into your 60s — say 65 and retired? Is it still realistic, or even wise, to buy a house at this stage?
Suze Orman’s Straight Talk on Buying at 65
Financial advisor Suze Orman recently tackled this exact question on her podcast, Women & Money. A listener asked whether purchasing a home at 65 was setting herself up for failure. Suze didn’t shut the idea down—instead, she challenged her to test the waters first.
She suggested something she calls “playing house.” Essentially, it’s a dry run for the financial realities of homeownership. The first step? Crunching the numbers around the down payment.
“You’re going to hopefully put at least 20% down,” Orman advised. But that’s not all. You’ll also need to have an emergency fund covering 8 to 12 months of expenses — because homeownership means more than just a mortgage.
And speaking of mortgages, Orman is clear: seniors should consider a 15-year fixed-rate mortgage. Why? Because “you don’t want to still have a mortgage at 95.” The goal is to have it fully paid off by 80, keeping debt manageable during retirement.
Next up, list out every home-related cost — mortgage, insurance, property taxes, monthly maintenance, and of course, the emergency fund. Add it all up and then compare it to your current monthly housing expenses as a renter.
Here comes the real test: for six months, take that difference—the extra amount you’d need to cover owning a home—and put it aside at the start of each month into a savings account. If you can do it without missing a beat, chances are good your income and finances are solid enough to handle buying a home.
And here’s the kicker: if you can swing it, that money you saved during the test can turn into your down payment. If not, hey — you’ve still built up a nice little cushion, which is never a bad thing.
What Older Buyers Are Looking For
“As people live longer, we’re seeing buyers in their 70s and even 80s stepping into the market,” says Cara Ameer, a real estate agent who works in Florida and California.
Older buyers aren’t a niche anymore—they’re a growing force. Many seniors who buy homes tend to pay cash, Ameer notes. Or, if they do take a mortgage, it’s often a reverse mortgage, designed so they’re not burdened with big loans or long payment terms.
But the motivation? It’s not just about owning property anymore—it’s about carving out a lifestyle.
“After retirement, it’s about finding a place that suits their needs,” Ameer says. “Sure, being near grandkids and grown-up children is a big draw. But beyond that, it’s about comfort, convenience, and quality of life.”
For those over 75, the focus sharpens: health, aging in place, access to good healthcare, and having family nearby for support become top priorities.
While younger retirees might pick a location for sunny weather or tax advantages—places like Florida, Nevada, Texas, or Arizona—older seniors are often driven by proximity to family and medical care.
So, Am I Too Old to Buy a House?
The short answer: no.
The longer answer? It depends on your finances, your health, and what you want from your lifestyle. The key is to be honest with yourself about what you can afford and what makes sense for your future.
If you can manage the payments comfortably—without stretching your budget thin—buying a home later in life can be a smart move. It can give you a fresh start, a place that’s truly yours, and peace of mind knowing you’re settled for your golden years.
If you can’t quite swing it, that test savings will at least give you some financial breathing room. Either way, there’s no harm in trying to “play house” first before you jump in.
After all, it’s your dream, your timeline. And it’s never too late to make it happen.
