9 Things That May Surprise You About Todays Homebuyers
Written By: Jaymi Naciri
Sunday, March 03, 2019
33: Thatrsquo;s the percentage of total buyers for the year that were first-timers. That number is a tick down from 2017rsquo;s 34, but still represents the largest share of homebuyers today. Hello, millennial invasion.
46: Then againhellip;maybe itrsquo;s not only millennials, because 46 was the median age of all buyers for the year. It just goes to show that age is not a deterrent to buying a home, on either end of the spectrum.
13: That was the median down payment of all buyers for the year. There goes that myth that you need 20 down to buy a home Breaking that statistic down further, repeat homebuyers had an average down payment of 16 last year, but, for first-time buyers, that number was just 7.
250,000: That was the median purchase price of a home last year. Think homeownership is still out of reach at that number? Herersquo;s a few more digits that may be surprising:
bull; 91,600: That was the median household income of all buyers in the NAR report.
bull; 3.5: Thatrsquo;s the minimum down payment required for a loan from the Federal Housing Authority FHA, the most popular loan for first-time buyers in large part because of that low down payment requirement as well as generous credit score requirements.
bull; 8,750: Thatrsquo;s 3.5 of 250,000. Buy a home at the median price, and thats what yoursquo;ll have to come up with for an FHA loan.
18: That was the percentage of homebuyers who were single females last year. Additionally, 9 were single males, and 8 were unmarried couples. Who says you need to be married to buy a home?
12: Thatrsquo;s the percentage of homebuyers who bought a multigenerational home in 2018, ldquo;to take care of aging parents, because of children over the age of 18 moving back home, and for cost-saving,rdquo; said the NAR.
This is representative of a greater multigenerational trend across the country; The most recent data from the Pew Research Center in 2016 shows that, ldquo;A record 64 million people, or 20 of the U.S. population, lived with multiple generations under one roof.rdquo; The trend is strong across nearly all racial and age groups.
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