Highlights from NAR Profile of Home Buyers
For most consumers, purchasing real estate is one of the largest financial transactions they will make. Home buying is driven by the desire to own a home of one's own, as well as by changes in jobs, family situations, and the need for a smaller or larger living area.
Each year the NATIONAL ASSOCIATION OF REALTORS® conducts a survey of recent home buyers.
Here's a snapshot of the findings from the 2019 Report:
- 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.
When it came to homes being purchased, the following things emerged in the report:
- Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity at 39%.
- Buyers who purchased previously-owned homes were most often considering a better overall value at 33%.
- Home prices increased slightly this year to a median of $257,000 among all buyers.
- Buyers typically purchased their homes for 98% of the asking price.
- The typical home that was recently purchased was 1,850 square feet, had three bedrooms and two bathrooms, and was built in 1990.
- Heating and cooling costs were the most important environmental features for recent home buyers, with 85% ﬁnding these features at least somewhat important.