Do You Match the Profile?

I just downloaded the 100+ page National Association of Realtor’s 2011 Profile of Buyers and Sellers.  Obviously there’s a lot to read there but these are the highlighted stats listed for buyers:

Characteristics of Home Buyers

  • Thirty-seven percent of recent home buyers were first- time buyers, a drop from 50 percent in 2010.
  • The typical buyer was 45-years-old, a jump from 39-years-old in 2010.
  • The 2010 median household income of buyers was $80,900. the median income was $62,400 among first-time buyers and $96,600 among repeat buyers.
  • Sixty-four percent of recent home buyers were married couples—the highest share since 2001. eighteen percent of recent home buyers were single females—the lowest share since 2004.
  • For 27 percent of recent home buyers, the primary reason for the recent home purchase was a desire to own a home.

There shouldn’t be much surprise that there were fewer first time buyers in the mix: 2010 featured the Homebuyer Tax Credit.  The other bullet points are more interesting than profound.  It looks like the shift in the economy has placed a higher premium on being in a more secure in your place in life-  either by choice or lending necessity.

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