NAR puts the median first-time buyer at 40; the MBA and the NY Fed read closer to 32–33. Set the wait to match the story you trust.
The renter always invests the down-payment savings. Most renters spend the month-to-month difference rather than investing it — push this up to model the disciplined renter, and watch the gap close.
Compares net worth — home equity plus investments. The person who waits rents, invests their down-payment savings (and any chosen share of the rent-versus-own difference), then buys the same home at its appreciated price. Both invest freed cash flow after the mortgage is paid off. Excludes transaction costs, tax treatment, and down-payment assistance. A planning tool, not financial advice.