A Look at First-Time Home Buyers

A look at first-time home buyers WHO THEY ARE AND WHAT THEY BUY HOME SNAPSHOT This should be a couple sentences about the graphic, maybe explaining where the research came from and any surprising conclusions from that data. This should be a couple sentences about the graphic, maybe explaining where the research came from and any surprising conclusions from that data. V National median average price for first time home buyer home: $152,000 V 50% of all homes sold in 2010 were to first time home buyers V 54% said that finding a home in "move-in condition" was very important V 33% said that it was "somewhat important" DEMOGRAPHIC SNAPSHOT TYPE OF HOME FIRST TIME HOME BUYER BOUGHT MOST-DESIRED REQUIREMENTS OF FIRST TIME HOME MARRIAGE STATUS OF FIRST TIME HOME BUYERS Apartment/Condo 10% Townhouse 10% Single female 23% 66% That it be near highly-rated schools Detached single family 74% Other 6% Married couples 48% Single male 15% ŁOCATION OF HOME FOR FIRST TIME HOME BUYER SECOND BEDROOM SECOND BATHROOM THIRD BEDROOM School Rural 18% Other 2% Unmarried 12% Suburb 59% Urban 23% AGE OF FIRST TIME HOME BUYERS FIRST BATHROOM MASTER BEDROOM KITCHEN GARAGE 18-24 11% NUMBER OF BEDROOMS FAMILY ROOM 25-34 56% Two 19% 35-44 19% One 3% 45-54 10% Day care 55-64 4% 65-74 1% Three+ 78% SIZE OF HOME FOR FIRST TIME HOME BUYERS 1,000 sg. ft. or less | 3% 1,001-1,500 sq. ft. 1.501-2,000 sg. ft. NUMBER OF BATHROOMS One FAMILY MAKEUP OF FIRST TIME HOME BUYERS Two 30% 61% 26% | 34% No children 2,001-2,500 sq. ft. 2,501-3,000 sg. ft. D 7% 3,001-3,500 sq. ft. 3,501 sq. ft. or more 3% 68% | 22% Three+ 10% One child 18% 4% Two children 11% Three+ children 4% V First-time median home size: 1,540 square feet INCOME OF FIRST TIME HOME BUYERS $0-$25k $25k-$35k $35k-$45k $45k-$55k $55k-$65k $65k-$75k $75k-$85k $85k-$95k $100k-$125k $125k-$150k 4% $150k-$175k 2% $175k-$200k | 1% $200k+ | 1% 6% ]11% 13% 15% 12% 61% That it be in an area with lots of open space 9% 10% 61% That it be in proximity to extended family 78% That it be in an area 8% convenient to shops and services Coffee shop Retired Park Grocery store Recreation centero00000 living community PRIMARY REASON FOR BUYING A HOME Train/ trolley station Desire to own 53% Home buyer tax credit 13% Affordability of homes 18% Change in family situation O 7% Establish household 4% Good housing market I 3% Wanted larger home Offices Retail Retail 45% That it be accessible to public transportation 2% Desire to live in better area 2% 2% 36% That it be near recreational venues such as golf courses Closer to school, work or transit Job related relocation 2% Tax benefits 2% To be closer to family/friends | 1% Financial security | 1% Art gallery 75% That it be near place of employment PERCEIVED BENEFITS OF HOMEOWNERSHIP Museum Library Theater Restaurant 95% Being able to personalize my space 95% Home value growing over time 92% Living in a great location 88% Pride of owning a home 86% Fulfilling expectations of owning a home 51% That it be in a lively neighborhood (i.e., with restaurants, nightlife and other activities) 36% That it be in an area with galleries, museums theaters & other cultural NOTE: sums may not equal 100% due to rounding