Around this time every year, the National Association of Realtors® publishes a report on the home buying and home selling habits, ethnicity, age, income and demographics of different areas of the country.
Over the past twelve years, first-time homebuyers were responsible for buying 42% of all the homes purchased in the US. In 2006 that number dipped to 36% but in 2007 it again increased to 39%. Overall, 12% of first time buyers were NOT born in the United States, versus 8% of repeat buyers. And 70% bought a home because they wanted to own real estate and establish a household.
First-time homebuyers made 39% of all home purchases.
Living Arrangements Prior to Buying their First Home
- 75% rented an Apartment or Home prior to purchasing
- 18% Lived with Parents
The marital status of first time home buyers is:
- 51% Married Couples
- 11% Unmarried Couples
- 25% Single Female
- 11% Single Male
Medium Age of First-Time Home buyers.
- 52% were age 24-35 years old
- 21% where age 35-44 years old
The Average Income For First Time homebuyers
- $68K Married
- $68K Unmarried Couple
- $44K Single Female
- $52K Single Male
Ethnic Distribution of First Time Homebuyers
- 76% White/Caucasian;
- 10% Black;
- 8% Hispanic
- 6% Asian/Pacific Islander
- (88% were born in the US and 12% were not born here)
Purchase Price Range of First-Time Homebuyer
- 38% purchased a home in the price range of $100K to $175K
Expected Length of Time to Buy Another home
- 28% plan to move within 5 years
Information Sources For First Time Homebuyers
- 87% used the Internet to gather information
- 49% Used Newspaper Ads
- 44% Open Houses
- 30% used Home book or magazine
- 29% found they home they purchased on the Internet;
- 56% did a virtual tour online
- 9% TV
How First-Time Buyers Found Agents to Work With.
- 54% relied on family, friends to help them find a real estate agent
- 32% interviewed 2 to 3 agents before choosing one to work with.
- 9% found their real estate agent on the Internet
- 1% Thru Newspaper and Home Magazine Ads
Financing the Home Purchase
- 73% used own savings as down payment:
- 22% received gift funds
- 98% used a mortgage to finance the purchase
- 81% chose a Fixed-Rate Mortgage