According to NAR here are some fun and interesting stats about Home Buyers:
- Despite a rise to 32% from 26% last year, the proportion of first-time homebuyers remains below the 38% average that has prevailed since 1981.
- The average age of first-time homebuyers dipped slightly to 35 years old this year, from 36 years old last year. Meanwhile, the average age of repeat homebuyers also declined, falling from an all-time high of 59 years to 58 years this year.
- The percentage of married couples among recent homebuyers has reached its lowest point since 2010, with only 59% of buyers falling into this category. Single females account for 19% of recent buyers, single males for 10%, and unmarried couples for 9%.
- A record high of 70% of recent homebuyers do not have children under 18 living with them. This surpasses the previous low of 42% in 1985, indicating a significant shift in household demographics among homebuyers.
- A notable 14% of homebuyers opted for multigenerational homes, driven by the need to care for aging parents, accommodate adult children or relatives returning home, or reap cost-saving benefits.
- Among recent homebuyers, 81% identified as White/Caucasian, 7% as Hispanic/Latino, 7% as Black/African-American, 6% as Asian/Pacific Islander, and the remaining 6% identified with other races.
- The majority of recent homebuyers, 88%, identified as heterosexual. The remaining 12% identified as LGBTQ+, with 3% identifying as gay or lesbian, 2% as bisexual, and 1% preferring to self-describe. Six percent of respondents chose not to answer the question.
- Veterans comprised 16% of recent homebuyers, while active-duty service members accounted for 2%.
- The primary motivation for homeownership, cited by 26% of recent buyers, was the aspiration to own a home. This sentiment was particularly strong among first-time buyers, with a staggering 60% expressing this desire.
Thanks for reading,
Chris
