9 Things That May Surprise You About Today’s Homebuyers

WRITTEN BY JAYMI NACIRI9 Things That May Surprise You About Today's Homebuyers

Are you too young? Too old? Too single? Think you make too little money or don’t have enough for a down payment? Turns out, none of those factors may be standing in the way of buying a home. We’re going behind the numbers of the National Association of REALTORS (NAR) 2018 Profile of Home Buyers and Sellers to take a look at some surprising buyer statistics.

33%: That’s the percentage of total buyers for the year that were first-timers. That number is a tick down from 2017’s 34%, but still represents the largest share of homebuyers today. Hello, millennial invasion.

46: Then again…maybe it’s not only millennials, because 46 was the median age of all buyers for the year. It just goes to show that age is not a deterrent to buying a home, on either end of the spectrum.

13%: That was the median down payment of all buyers for the year. There goes that myth that you need 20% down to buy a home! Breaking that statistic down further, repeat homebuyers had an average down payment of 16% last year, but, for first-time buyers, that number was just 7%.

$250,000: That was the median purchase price of a home last year. Think homeownership is still out of reach at that number? Here’s a few more digits that may be surprising:

• $91,600: That was the median household income of all buyers in the NAR report.
• 3.5%: That’s the minimum down payment required for a loan from the Federal Housing Authority (FHA), the most popular loan for first-time buyers in large part because of that low down payment requirement as well as generous credit score requirements.
• $8,750: That’s 3.5% of $250,000. Buy a home at the median price, and that’s what you’ll have to come up with for an FHA loan.

18: That was the percentage of homebuyers who were single females last year. Additionally, 9% were single males, and 8% were unmarried couples. Who says you need to be married to buy a home?
12: That’s the percentage of homebuyers who bought a multigenerational home in 2018, “to take care of aging parents, because of children over the age of 18 moving back home, and for cost-saving,” said the NAR.

This is representative of a greater multigenerational trend across the country; The most recent data from the Pew Research Center in 2016 shows that, “A record 64 million people, or 20% of the U.S. population, lived with multiple generations under one roof.” The trend is strong across nearly all racial and age groups.