Monday, July 10, 2017

Some visitors to our home at Grand Lake in NE Oklahoma

What the average 1st time home buyer looks like in the U.S.

First time buyers make up 35% of all buyers.  The median age is 32 with a median income of $72,000.

Married couples (58% f buyers) purchase a $208,500 median priced home.  Single Males (8% of buyers) purchase a $157,000 home, Single females (18% of buyers) purchase a $146,300 home and unmarried couples (14% of buyers) purchase a $165,500 home.

The median home price the 1st time buyers purchase is $182,500. The median down payment is 6%.  Prior to buying a home, 74% rented and 21% lived with their parents.   The median down payment is 6%.  13% of 1st time buyers in the US were foreign born.

What are 1st time buyers looking for in a home:  82% want a single family detached home, 9% are looking for a townhome, 2% want a home in a duplex or 4-plex and 1% want in a condo building?

Ethnic background of buyers: 70% are white, 9% are Hispanic, 8% are Asian or Pacific Islander, 7% are black and 3% are not identified.

60% of 1st time buyers have no children, 19% have one child, 15% have two children and 5% have three or more children.
Data from NAR, 2017