Do You Fit the Description of the Typical First Time Homebuyer?

December 18th, 2014

There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family. Others may think they are too young. And still others might think their current income would never enable them to qualify for a mortgage.

We want to share what the typical first time homebuyer actually looks like based on the National Association of Realtors most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first time buyer.

Married Couples: Make up 54% of first time buyers, have an average household income of $79,400 and are 31 years old.

Single Females: Make up 18% of first time buyers, have an average household income of $47,900 and are 33 years old.

Single Males: Make up 11% of first time buyers, have an average household income of $60,100 and are 31 years old.

Unmarried Couple: Make up 15% of first time buyers, have an average household income of $68,300 and are 28 years old.

Other: Make up 2% of first time buyers, have an average household income of $56,200 and are 45 years old.

Bottom Line

You may not be much different than many people who have already purchased their first home.

Source: www.keepingcurrentmatters.com