39% of Homebuyers are First Timers

By
Managing Real Estate Broker with Keller Williams Group One Inc BS145692MGR

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
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Theresa Redman

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