39% of Homebuyers are First Timers

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

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Theresa Redman

Certified Residential Specialist
Ask me a question
Spam prevention

Additional Information