ALL ABOUT BUYERS
The National Association of Realtors puts out an annual profile of the year’s statistics surrounding buyers and sellers. Let’s go over some of 2018’s highlights about buyers, just so you can compare at a glance.
First-time buyers made up about a third of home buyers last year, very similar to 2017, but down by 1% (34 to 33). An unsurprising 71% of these first-time home buyers were previous renters, while the rest moved from their family’s residence.
The typical buyer last year was 55 years old (median), with a household income of $91,600 (median). However, the largest group of buyers (24%) is in the age bracket of 24-34 years of age. Most buyers were also married couples at 63%.
Twenty percent, or a fifth of all home-owners in 2018 had more than one property; 29% of all these owners was aged 65 or older.
The primary reason, 66%, for people making a home purchase last year was the simple desire to own one’s own home, 49% said they did so because the timing was right.
All in all, the trends are continuing on the path of less purchasers being young, first-timers, and more buyers being older with a larger income. Fortunately, there are many programs to help first-timers get into a home! Talk to a Realtor or lender about the many options that suit you!
For more detailed information about home-buyers and sellers last year, visit realtor.org