Profile Types of Home Buyers November 04, 2013 NAR Research.

Profile Types of Home Buyers

November 04, 2013NAR Research

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

Demographic Changes Since 2010

2010 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%

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%

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%

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%

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%

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

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

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%

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%

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%

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%