Who's Buying Homes?

A recent article in the New York Times focused on statistics of who first time homebuyers are in today’s market. The median age of 32 is not that much different from the 1970’s when the median age was 30.6 according to historical data from Zillow. What is changing is that more single people are buying homes. And, the down payment average is 6%, not the 20% down payments of the past. First time homebuyers account for 35% of home sales. With that in mind, 65% of home sales would be to previous homeowners. 

 

According to a study a couple of years ago by Zillow, Americans are renting for an average of six years before buying their first homes. In the 1970s, they rented for an average of 2.6 years. Could student loans be to blame? With 1.2 trillion dollars of student loan debt according to The Economist, logic would tend to reason that this has a huge impact on the decision to buy a home. However, in most cases, it’s less expensive to buy than to rent. Some may be reluctant to take on additional debt, but mortgage debt is different as the borrower is building wealth as the home presumably is increasing in value. 

 

In Flagler County area we do see a lot of first time homebuyers, but we also see plenty of people who relocate here because of the mild winters and the ability to enjoy the outdoors year round. We’re personally huge fans of the weather. There’s also a wonderful community with plenty to do, easy access to large cities, and international airports are close by. If you’re ready to buy, our team of REALTORS® will help you every step of the way. If you’re interested in selling, our team knows the score on how to get your home ready for the market. 

 

At RE/MAX Flagstaff our dedicated REALTORS® are driven to serve you and are committed to success. Please let us know how we can assist you with your real estate needs. Call us at (386) 246-8585.

 

 

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