Who Are Homebuyers?
Home buyers are ready to plant roots: Today’s buyers are young, multicultural, tech-savvy, and eager to buy a home as a personal investment, according to the National Association of REALTORS®’ 2019 Profile of Home Buyers and Sellers. Sellers, on the other hand, are already rooted, having lived in their current home an average of 10 years, NAR’s report shows. Sellers are equity-rich and rely on real estate professionals for guidance now more than ever before.
Five key themes emerged from NAR’s annual survey of recent home buyers and sellers, ranging from what buyers are looking for in a house to what both buyers and sellers expect from a real estate agent.
- First-time buyers made up 33% of all home buyers, holding steady from last year’s 33%.
- The typical buyer was 47 years old this year, and the median household income for 2018 rose again this year to $93,200.
- 12% of home buyers purchased a multi-generational home, to take care of aging parents, because of children over the age of 18 moving back home, and for cost-saving.
- 20% of recent home buyers were veterans and 3% were active-duty service members.
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