Facts And Figures For First-Time Homebuyers

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May 03, 2017

This just may be the year that people step up and become homeowners. According to Realtor.com, more than half of home shoppers in 2017 will be purchasing their first home.

The site provided a snapshot of typical first-timers. Their median age is 32, median household income is $72,000, and while a slight majority are married, most buyers don’t have children yet.

The median price of a starter home is $182,500, and downpayments are paid for by personal savings and gifts from family members. The vast majority of buyers choose traditional houses, but some go for townhouses or condos.

Based on realtor.com's survey respondents, buyers begin their house hunt for a variety of reasons. The biggie: 26% are just plain tired of their current digs; 17% are motivated by favorable home prices; and 16% cite changes in family circumstances like the arrival of a child.

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