03
Feb
12

Typical 1st Time Home Buyer Is…

The median age of first-time buyers is 31 and their median income is $62,400, up from $59,900 in 2010, according to NAR’s 2011 Profile of Home Buyers and Sellers. 

The survey said the typical first-time buyer purchased a 1,570-square-foot home costing $155,000; the estimated median monthly mortgage principal and interest payment was $794.

The typical repeat buyer was 53 years old and earned $96,000, notably higher than the $87,000 median reported in the 2010 profile.  Repeat buyers purchased a median 2,100-square-foot-home costing $219,500, with an estimated median payment of $1,006.

About 78 percent of recent home buyers said their home is a good investment, and 45 percent believe it’s better than stocks.  The median down payment for all home buyers was 11 percent, ranging from five percent for first-time buyers to 15 percent for repeat buyers.

How do these statistics compare to where you live???  Title Junction would love to hear.

This article brought to you by:  Real Estate Digest, Old Republic National Title Insurance.

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Jennifer Ferri, Owner

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