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Survey Provides Insight into First-Time Buyers

A wide-ranging national housing survey can help identify one of the key markets for the real estate investor: first-time home buyers.

The American Housing Survey, which is compiled in odd-numbered years by the U.S. Bureau of the Census, showed that first-timers bought 41 percent of the 8.4 million homes sold across the country from 2007-09. Just 13 percent of them purchased new homes.

Almost half the first-time buyers spent less than $150,000, and less than 10 percent purchased homes with a market value of $400,000 or more. The median square footage of first-time buyers’ homes was 1,500 square feet, and only 7 percent of first-time buyers purchased a home of 3,000 square feet or more.

In addition, the typical first-time home buyer:

  • Was 34 years old
  • Had an average household income of $67,342
  • Bought a house with a market value of $184,091
  • Had an average household size of 2.75 people
  • Bought a single-family, detached home

 
Here is more data from the study, which was summarized at the National Association of Home Builders website:

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