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.
The New Popularity with Renting It seems as if the mortgage crisis not only saw a drop in home value, but resulted in individual preferences leaning towards the desire to rent versus own a home. What... More
The Rental Market Around the U.S. As people relocated from coast to coast, or any state in between, the rental market is priced at various cost levels. Here is a look at some of the most expensive and... More
Healthiest Real Estate Markets for 2013 The housing market this year is showing a lot of promise as home prices rise 4.9% nationwide. Based on the median rent and sale prices nationwide, here is a... More
Leasing to Millennials With an estimated 8 million Gen Y renters hitting the marketplace in the near future, prepare yourself to accommodate these informed and technologically advanced prospects.... More
Renting in the UK Renting offers its own list of benefits and down slides. Here is a look at unspoken rules to follow when renting in the UK. Location Don’t put all your faith in a single location.... More
Apartment Renting Trends As renting grows in popularity, trends are bound to change. The Renting Demographic Over 75 million baby boomers are looking to downsize into urban apartments to live a... More
The 10 Most Romantic Cities in the U.S. A listing of the ten most romantic cities in the United States. These cities not only show strong housing markets, but are increasingly considered highly... More
Rent or Own? In today’s economy, the housing market can seem like a scary place. Before making your decision to either rent or own, here is a listing of the pros and cons of either option. Pros of... More
Commercial Leasing vs. Purchasing If you are looking at developing equity for your business, first consider your options of leasing versus purchasing commercial property. Performing market research in... More