First-Time Home Buyers Set Record in Past Year

Saturday, November 14, 2009, AM | Leave Comment

First-time buyers made up a bigger share of the housing market in 2009 than any other year on record, according to a survey done by Washington-based National Assn. of Realtors.

The number of first-time home buyers rose to 47% of all home sales from 41% of transactions in last year’s study, and was the highest on record dating back to 1981.

The number of first-time home buyers rose to 47 percent of all home sales from 41 percent of transactions in last year’s study, and was the highest on record dating back to 1981. The previous high was 44 percent in 1991.

The profile shows the median age of first-time buyers was 30 and the median income was $61,600. The typical first-time buyer purchased a home costing $156,000, down from $165,000 in the 2008 study, and plans to stay in that home for 10 years.

The typical repeat buyer was 48 years old, earned $88,100, purchased a home costing $224,500 and plans to stay in that home for 12 years.

In a Nutshell
It seems that more folks have taken advantage of the $8,000 tax credit that the U.S. Congress has provided.

The financial experts tell us that first-time buyers often make financial sacrifices to purchase a home: They 1) cut spending on luxury items, 2) cut back on entertainment and 3) cut spending on clothes.

These three, in my opinion, are not life-threatening sacrifices. Folks can live without them quite nicely without lowering their quality of life.

What do you think?

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