With all of the talk regarding demographic changes among varying groups of people you may expect that today's first time homebuyers would look significantly more diverse than in previous years. Not so according to recent NAR statistics.
Here are some of the highlights:
- Since 2006, 52% of first-time buyers are married couples.
- On average 22% of first-time buyers were single females and 12% were single males and 12% unmarried couples.
- The median age still ranges between 30-32 years old.
- Racial, ethnic, country of birth and language statistics remain relatively similar to previous years.
The Future Outlook?
In my opinion, home ownership has a strong correlation to life events such as steady employment and developments of families. There are rather broad social and psychological expectations that maintain the trend to its current age and marital status make up. Many experts do predict that there will greater racial and ethnic makeups as minority groups continue to grow, but how this impacts the first-time home buyer age and marital status statistics remains to be seen.
Check out the whole story below below.
Source: NAR: How are first-time homebuyers becoming more diverse?