First Time Homeowner and Move Up Buyer Statistics

First Time Homeowner and Move Up Buyer Statistics

First Time Homeowner vs. Move-Up Buyer

An outline of recent statistics comparing first time homeowners to move up buyers who upgrading their living.

The First Time Homeowners Profile

• Average age is 33 years old.
• Two thirds of homeowners were under 35 years old.
• 5% are older than 55.
• Average income is $64,074.
• Approximately two-thirds have income that is between 50% and 150% of the AMI.
•17% ha ve income greater than 150% of AMI while 18% of income below 50% of AMI.
• 31% are married with children.
• One person households are twice as likely to be male headed as female headed.
• Single parent households are twice as likely to be female headed versus male headed.
• Two thirds of buyers are white non-Hispanics, 11% black non-Hispanics, and 15% white Hispanics.
• 77% of buyers were previously renters.
• Median home purchase was for $150,000.
• Two thirds bought homes that cost less than $200,000.
• Median square footage is 1,500.
• 79% purchased a single family detached home, 11% purchased a townhome, and 11% purchased a condominium.
• 86% purchased an existing home with the remaining buyers buying a built or custom home.
• Decreased within the marketplace from account for almost half of all home sales to only 35% of buyers now.

Move-Up Buyers Profile

• Average income is $84,170.
• Average age is 45.
• Average household size is 2.7 persons.
• Ratio of household income to AMI is 1.5.
• Substantially larger incomes than first time buyers largely due to being older.
• Average home seller lived in their house for 9 years.
• 17% bought a home that cost more than $500,000 with only 6% of first time home buyers having the ability to even afford a home at that value.
• 73% purchased an existing home, while 27% purchased a new home.
• 22% of move-up buyers have no mortgage.
• 60% of the current mortgaged homes received a 20% down payment.
• The average and median household size is virtually identical to first time home buyers.
Posted on Jun 02, 2013


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