Insights into First-Time Homebuyers

– Crystal Vagnier – Select Group – Writer/Editor

Nar released their 2018 data on homebuyers and sellers; the research they listed provided insight into first-time homebuyers. The market hasn’t been kind to this demographic with their challenges of student debt, inventory shortages, rising rates, and no or limited savings. Despite these setbacks, first-time homeowners, 31% of the buyers in today’s market, do share similarities with past generations of first-timers.

Some commonalities:

• Likely to be married
• Likely to search for real estate online
• Likely to use a Realtor®
• Likely to purchase a single-family home
• Likely to use personal savings for a down payment at an average of 7%

As for other 2018 stats, here’s what NAR found regarding today’s homebuyers:

• 87% enlisted the help of a Realtor®
• 51% bought in suburbs
• 13% was the average for a down payment
• Average household income was $91,600
• $250,000 was the median purchase price
• 83% purchased single-family homes

These highlights help provide understanding into the challenges, needs, and wants of today’s buyers and sellers.