Home Buying Trends – Are You Average?
Continuing a trend since 2007, the share of home buyers purchasing
a previously owned home has increased 53%, while the share purchasing
a new home has declined, 47%. The typical home purchased was 2,200
square feet, had three bedrooms and two bathrooms, was built in
1990, and was 12 miles from the buyer’s previous residence. 90% of buyers
purchased a single family home, median age 36, median income $87K.
Once buyers find the home they are looking for they plan to
stay in their home for 10 years.
American Attitudes About Home Ownership have not changed much
over decades. Home ownership is still considered one of the foundations
of American life. That said, many young people are waiting longer
to marry and start families, so home ownership is not entered into
as early as their parents and grandparents. This may account for the
rise in single homeowners, both male and female. Their median age
is 41, and they tend to buy smaller homes, average 1450-1550 square feet.
First Time Home Buyers’ median age is 30, they earn $59,900, and
74% purchase a single family home. The youngest group of home buyers
are the 18-24 year olds, their median income is $49,000, 98% are first time
home buyers, and they purchase a home of about 1400 square feet.
Data from NAR
Additional Articles About Home Buying:
Questions to Ask When Choosing a Realtor
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The authors of the this blog write about Grand Rapids Real Estate,
the Greater Grand Rapids MI area, and what it is like to live in
West Michigan. Grand Rapids Michigan is a vibrant, growing
metropolitan area with a diverse business community, great medical
research & services, numerous universities, plus lively arts and
entertainment of all kinds.
We believe: Grand Rapids is a Great Place to Live!
Westbrook Realty Grand Rapids MI Real Estate
Contact Terry 616-292-7263