The National Association of REALTORS recently released some highlights from their 2014 Profile of Home Buyers and Sellers, with a section devoted to characteristics of home buyers. Did you know:
- 33% of recent home buyers were first-time buyers, which is still suppressed from the historical norm of 40% percent among primary residence buyers.
- 13% of buyers purchased a multi-generationalhome due to cost savings, children over the age of 18 moving back into the house, and health and caretaking of aging parents.
- The typical first-time buyer was 31-years-old, while the typical repeat buyer was 53.
- The 2013 median household income of buyers was $84,500. The median income was $68,300 among first-time buyers and $95,000 among repeat buyers.
- 65% of recent home buyers were married couples.
- For 24% of recent home buyers, the primary reason for the recent home purchase was a desire to own a home, while 9% purchased due to a job-related relocation or move, and 8% bought for the desire to be in a better area or a change in family situation.
Are you looking to start the home buying process? Email us at concierge@lizmoore.com, we'd love to help! Or, click below to download our free Home Buyer's Handbook.
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