Profile Types of Home Buyers
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Profile Types of Home Buyers
November 04, 2013NAR Research
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Introduction
• Survey conducted with recent home buyers who purchased a home between July 2012– June 2013
• Seller information gathered from those home buyers who sold a home
• Mailed 148,011 questionnaires- response rate of 6.1%
• Names obtained from Experian • Data in the presentation is based on medians
or the typical buyer in the category and is not all encompassing
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Demographic Changes Since 20102010 Profile 2011 Profile 2012 Profile 2013 Profile
Median Age 39 45 42 42
Gross HH Income
$72,200 $80,900 $78,600 $83,300
Household Composition
58% married couples, 20% single females, 12% single males, 8% unmarried couples
64% married couples, 18% single females, 10% single males, 7% unmarried couples
65% married couples, 16% single females, 9% single males, 8% unmarried couples
66% married couples, 16% single females, 9% single males, 7% unmarried couples
Children in Home
35% 36% 41% 40%
Own a 2nd Home
14% 19% 19% 19%
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Married with KidsHow Buyer Purchased Home
Agent, 86%Builder, 8%Previous Owner, 5%
MedianHousehold
Income$97,800
Median Square Feet
2,370
Desire to own
Larger home
Job relocation
Family changes
0 5 10 15 20 25 30
24
23
14
8
Reasons to Purchase Home
MedianAge37
Type of Home Purchased
Single Family, 91%
Townhouse, 2%
Apt/ condo, 3%
Other, 4%
First-time
buyers; 35%
Repeat buyers,
65%
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Single Female How Buyer Purchased Home
Agent, 89%
Builder, 6%
Previous Owner, 5%
Desire to own
Family changes
Affordability
Closer to friends/family
0 5 10 15 20 25 30 35 40
38
9
8
8
Reasons to Purchase Home
Type of Home Purchased
Single-family, 65%
Townhouse, 12%
Apt/ condo, 16%
Other, 8%
MedianHousehold
Income$52,200
MedianAge48
Median Square Feet
1,500
First-time
buyers; 44%
Repeat buyers,
56%
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Single MaleHow Buyer Purchased Home
Agent, 88%
Builder, 6%
Previous Owner, 5%
Type of Home Purchased
Single-family, 67%
Townhouse, 12%
Apt/ condo, 14%
Other, 8%
Desire to own
Family changes
Affordability
Closer to friends & family
0 5 10 15 20 25 30 35 40 45
41
9
8
8
Reasons to Purchase Home
MedianAge46
MedianHousehold
Income$66,500
Median Square Feet
1,600
First-time
buyers; 45%
Repeat buyers;
55%
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Unmarried CoupleMedian
Household Income$82,100
MedianAge32
Median Square Feet
1,700
How Buyer Purchased a Home
Agent, 91%
Builder, 6%
Previous Owner, 4%
Type of Home Purchased
Single-family, 79%
Townhouse, 9%
Apt/ condo, 6%
Other, 7%
Desire to own
Larger home
Affordability
Family changes
0 10 20 30 40 50 60
51
10
7
7
Reasons to Purchase Home
First-time buy-
ers65%
Repeat buy-
ers35%
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First-time Buyers
Type of Home Purchased
Single-family, 77%
Townhouse, 8%
Apt/ condo, 7%
Other, 6%
How Buyer Purchased a Home
Agent, 91%
Builder, 4%
Previous owner, 4%
Desire to own
Affordability
Family changes
Establish a household
0 10 20 30 40 50 60 70
60
8
7
5
Reasons to Purchase Home
MedianHousehold
Income$67,400
MedianAge31
Median Square Feet
1,670
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Repeat Buyers
Type of Home Purchased
Single-family, 82%
Townhouse, 6%
Apt/ condo, 7%
Other, 5%
How Buyer Purchased a Home
Agent, 86%
Builder, 8%
Previous Owner, 5%
Larger home
Job relocation
Desire to own
Closer to friends & family
0 2 4 6 8 10 12 14 16 18
16
12
12
9
Reasons to Purchase Home
MedianHousehold
Income$96,000
MedianAge52
Median Square Feet
2,060
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Buyers Who Purchased Multi-Generational Housing
Type of Home Purchased
Single-family, 82%Townhouse, 5%Apt/ condo, 6%Other, 7%
How Buyer Purchased a Home
Agent, 87%Builder, 6%Previous Owner, 6%
Desire to own
Larger home
Family changes
Closer to friends/family
0 5 10 15 20 25 30 35 40 45
39
13
8
8
Reasons to Purchase Home
MedianHousehold
Income$85,800
MedianAge50
Median Square Feet
2,150
First-time
buyers; 32%Repeat
buyers; 68%
Reasons for multi-generational home:• Children over 18 moving back into
house-24%• Cost savings-24%• Health/caretaking of aging parents-20%• Spend more time w/aging parents-11%
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Buyers who Purchased Senior Housing or in an Active Adult Community
Type of Home Purchased
Single-family, 58%
Townhouse, 10%
Apt/ condo, 18%
Other, 15%
How Buyer Purchased a Home
Agent, 82%
Builder, 13%
Previous Owner, 6%
Desire to own
Retirement
Smaller home
Closer to friends & family
0 5 10 15 20 25
22
18
15
10
Reasons to Purchase Home
MedianHousehold
Income$67,400
MedianAge64
Median Square Feet
1,700
First-time buy-ers; 26%
Repeat buy-ers; 74%
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Buyers Who Found Commuting Costs Very Important
Type of Home Purchased
Single-family, 79%
Townhouse, 9%
Apt/ condo, 7%
Other, 6%
How Buyer Purchased a Home
Agent, 90%
Builder, 6%
Previous owner, 4%
Desire to own
Job relocation
Larger home
Affordability
0 5 10 15 20 25 30 35 40
36
10
10
7
Reasons to Purchase Home
MedianHousehold
Income$78,000
MedianAge38
Median Square Feet
1,800
First-time
buyers; 48%
Repeat buyers;
52%
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Buyers Who Downsized Their Home
Type of Home Purchased
Single-family, 73%
Townhouse, 9%
Apt/ condo, 12%
Other, 6%
How Buyer Purchased a Home
Agent, 87%
Builder, 8%
Previous owner, 5%
Smaller home
Closer to friends/family
Job relocation
Retirement
0 5 10 15 20 25 30
24
12
12
10
Reasons to Purchase Home
MedianHousehold
Income$83,700
MedianAge60
Median Square Feet
1,730
First-time buyers; 2%
Repeat buyers;
98%