Buying a home is not only a financial decision, but also an extremely emotional one. For most, purchasing a home is probably the largest financial transaction you will ever make and you have to take into account so many variables including job security, family changes, schools, commute times, number of bedrooms, square footage, etc. The most recent 2016 survey conducted by the National Association of Realtors provides us with some interesting insight and detailed information about the buying and selling process and we’re going to take a deeper dive into some of those statistics over the coming weeks. First up, the Characteristics of Home Buyers.
Characteristics of Home Buyers
- First time buyers made up 35 percent of all homebuyers, an increase over the previous years all-time low of 32 percent.
- Typical buyer was 44 years old for the third straight year and the median household income for 2015 rose again to $88,500.
- Married couples accounted for 66 percent of recent buyers while 17 percent were single females, 7 percent were single males and 8 percent were unmarried couples.
- Eleven percent of homebuyers bought a multi-generational home to care for aging parents and because of the number of children over the age of 18 remaining in their home.
- Veterans made up 18 percent of recent homebuyers and 2 percent were active-duty members.
- Ninety percent of recent homebuyers identified themselves as heterosexual, three percent as gay or lesbian, one percent as bisexual, and 7 percent preferred not to answer.
- At 31 percent, the primary reason for buying a new home was the desire to own a home of their own.