Zillow’s real estate analytics blog released an interesting piece recently focusing on the characteristics of today’s first-time homebuyer. You can read the entire piece HERE. The author looked at a variety of financial and demographic trends of today’s first-time homebuyer and compared them to previous generations. The findings?
A summary:
- First-time homebuyers are older today and spend more time renting that previous generations.
- First-time homebuyers are less likely to be married today than previous generations and increasingly purchase condo’s instead of single family homes.
- Today’s first-time homebuyers have lower credit scores and down payments than previous generations.
The fact that homes are more expensive today relative to household income is likely influencing the findings. How does your experience as a first-time homebuyer differ from your parents generation? Please comment below.