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