Who’s Buying a First Home?

By Michael Kolomatsky, NYT

It’s never been easy for first-time buyers to get into the real estate market but that’s been especially true in recent years. In 2010 (or July 2009 to June 2010, to be precise), they bought half the homes sold nationally. In 2016 (or July 2015 to June 2016), only 35 percent went to first-timers. In only three of the last 35 years have they had a smaller share.

So who are today’s first-time home buyers? To paint a picture of the typical first-timer, we drew information from the 2016 Profile of Home Buyers and Sellers, published annually by the National Association of Realtors.

 Of those who did manage to buy, the median age was 32; median salary, $72,000; and median home price, $182,500. (Among all buyers, the median age was 44; median income was $88,500; and median home price was $227,700.)

Among the myriad insights offered by the report was the revelation that 18 percent of the homes sold to first-timers went to single women, and just 8 percent to single men. Not surprisingly, considering the wage gap, the men were able to pay a bit more: The median home price paid by the men was $157,000, while the median price paid by the women was $146,300.

Posted on April 24, 2017 at 10:29 pm
MJ Steen | Category: Uncategorized | Tagged , , , , , , , , , , ,

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