Everyone loves to look at statistics when it come to real estate. There is one segment of the real estate market that seems to change more often than the others…and that is the First-Time-Home-Buyer market. Lets take a look at our market and their buying habits.
Spent on Housing. The median home purchase price is $182,500. For married couples the median price is $208,000. For single males its $157,000. For single females its $146,500. For unmarried couples its $165,000.
Here are the nationwide statistics for first timers entering into home contracts.
35% of all home buyers in America, are first timers.
87% were born in the U.S.
74% were renter’s before buying. 21% lived with parents
82% looked for detached single family homes to buy.
60% have no children and are 30-34 years of age, at the time of purchase.
55% said their mortgage payment will be less than they were paying in rent.
Like I said before, this segment of the real estate market changes quickly and is largely based on their income swings. People who tend to job hop, change career paths often, relocate often, kids with student loan debt, all tend to change the make up of the first time buyer very quickly. Home ownership is still very much alive and doing well, and the concept of owning your own home still dominates the real estate market, among this age group.