Who are today’s homebuyers? New survey breaks it down

The buyer breakdown

Single, female homebuyers are on the rise, according to a new survey, accounting for 18 percent of all home sales in 2017. Just 7 percent of homebuyers last year were single males, while 65 percent were married couples – marking the third year in a row this segment has dipped.

Hello, homebuyers

A new survey from Realtor.com revealed deep insights into today’s homebuyers – their ages, interests, income and even their preferences in home style and design. Though some of the results stayed true to form, there were certainly some surprises in the group.

The median household income of a homebuyer was nearly $89K – a jump from the year prior, while the average age of buyers stayed steady at 45.

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For younger buyers, rising rents was the primary driver for buying a home with 23 percent saying it triggered their purchase. For buyers 55 and up, a desire for privacy was the biggest impetus for buying, with 20 percent saying it was their ultimate goal.

According to Danielle Hale, Realtor.com’s chief economist, the survey showed clear-cut differences in taste among each buyer segment.

“Although record-low inventory and high prices make this housing market unique, some classic features still top most shoppers’ wish lists,” Hale said. “At the same time, we found some clear differences in priorities. For instance, older buyers are concerned with privacy and being able to age comfortably, while millennials place more emphasis on family needs, stability, and personal expression.”

All about the house

The survey also shed light into the specific home styles and preferences of today’s buyers. One of the most surprising results? The number of people buying multi-generational homes.

According to the survey, a whopping 13 percent of all buyers last year purchased a multi-generational home to “take care of aging parents, for cost savings and because of children over the age of 18 moving back home.”

Your adult children are moving home; don’t freak out

It appears today’s buyers – no matter their age – are pretty traditional when it comes to home size, too. Most are looking for a three-bedroom, two-bathroom property with a garage. An up-to-date kitchen and open floor plan are also a major priority among buyers of all ages.

Younger, Millennial buyers largely prefer contemporary and colonial homes, while older buyers lean toward ranch-style properties instead.

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