2017 Recent Home Buyer and Seller Profiles 11 06 2017 PDF

Recent
Home Buyer
and Seller
Profiles
November 3, 2017
National Association of REALTORS
Research Division
Methodology
In July 2017, NAR mailed out a 131-question survey using a random sample weighted to be representative of
sales on a geographic basis to 145,800 recent home buyers. The recent home buyers had to have purchased a
primary residence home between July of 2016 and June of 2017. A total of 7,866 responses were received from
primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted
response rate of 5.6 percent.
Respondents had the option to fill out the survey via hard copy or online. The online survey was available in
English and Spanish.
Consumer names and addresses were obtained from Experian, a firm that maintains an extensive database of
recent home buyers derived from county records. Information about sellers comes from those buyers who also
sold a home.
All information in this Profile is characteristic of the 12-month period ending June 2017, with the exception of
income data, which are reported for 2016. In some sections comparisons are also given for results obtained in
previous surveys. Not all results are directly comparable due to changes in questionnaire design and sample
size. Some results are presented for the four U.S. Census regions: Northeast, Midwest, South, and West. The
median is the primary statistical measure used throughout this report. Due to rounding and omissions for space,
percentage distributions may not add to 100 percent.
Data gathered in the report is based on primary residence home buyers. From the 2017 Investment and
Vacation Home Buyer Survey, 70 percent of home buyers were primary residence buyers, which accounts for
4,207,000 homes sold in 2016. Using that calculation, the sample at the 95 percent confidence level has a
confidence interval of plus-or-minus 1.10%.
2017 Profile of Home Buyers and Sellers

Demographic Changes
2012 2013 2014 2015 2016 2017
Profile Profile Profile Profile Profile Profile
Median Age 42 42 44 44 44 45
Gross $78,600 $83,300 $84,500 $86,100 $88,500 $88,800
Household
Income
Household 65% 66% 65% 67% 66% 65%
Composition married married married married married married
couples, couples, couples, couples, couples, couples,
16% single 16% single 16% single 15% single 17% single 18% single
females, females, females, females, females, females,
9% single 9% single 9% single 9% single 7% single 7% single
males, 8% males, 7% males, 8% males, 7% males, 8% males, 8%
unmarried unmarried unmarried unmarried unmarried unmarried
couples couples couples couples couples couples
Children in 41% 40% 35% 37% 38% 37%

Home
Own a 2nd 19% 19% 21% 19% 15% 17%
Home

Married with Kids
Unique to these buyers:
Type of Home Median Age: 37
Median Income: $102,800
Purchased 34% are first-time buyers 62% found the
85% are buyers of previously owned homes quality of the
Detached single- 87% bought through an agent/broker neighborhood
family, 90% Median square feet of home purchased: 2,300
Townhouse/row important
Median home price: $285,000 7% bought
house, 4%
Duplex/apartment/ directly from a
condo, 2% builder or
builders agent
Reasons to Purchase 38% 66% were

Home of all respondents repeat buyers
Home in better area 9%

Typical home
Job relocation 13% had 4 bedrooms
14% of buyers bought multi-generational home and 2 bathrooms
Larger home 21% Reasons:
Aging family members: 40%
Desire to own 26% Young adults over age 18: 27%
% 10% 20% 30%
Single Females
Type of Home
Median Age: 52 Unique to these buyers:
Purchased Median Income: $62,300
Detached single- 33% are first-time buyers 36%
family, 75%
90% are buyers of previously owned homes purchased for
Townhouse/row 88% bought through an agent/broker the desire to
house, 12% Median square feet of home purchased: 1,540 own a home
Duplex/apartment/ Median home price: $185,000 47%
condo, 8%
purchased in a
Other, 5%
suburb/
subdivision
Reasons to Purchase Quality of the
18% neighborhood was
Home of all respondents
an influencing
factor, 55%
Desire for smaller home 8%
98%
Desire to be closer to family/ identified as
12%
friends/relatives
the head of
12% of buyers bought multi-generational home
Change in family situation household
(e.g. marriage, birth of child, 13% Reasons:
divorce, etc.)
Desire to own 36% Young adults over age 18: 31%
% 10% 20% 30% 40%

Single Males
Type of Home Unique to these buyers:
Median Age: 51
38% found
33% are first-time buyers
Detached single- 91% are buyers of previously owned homes convenience to job
family, 73% 86% bought through an agent/broker an influencing
Townhouse/row Median square feet of home purchased: 1,530 neighborhood
house, 13%
factor 21% made
Duplex/apartment/ Median home price: $175,200
compromises on
condo, 7%
Other, 8% the condition of
their home
Reasons to Purchase 7% 98%

identified as the
head of household
Desire for a home in a better

area 7% 53%
purchased in a
Desire to be closer to 7%
family/friends/relatives suburb/
Change in family situation
subdivision
Reasons:
(e.g. marriage, birth of child, 11%
divorce, etc.) Aging family members: 16%
Young adults over age 18: 14%
Desire to own 38%
% 10% 20% 30% 40% 2017 Profile of Home Buyers and Sellers
Unmarried Couples
Median Age: 34
64% are first-time buyers Quality of
Detached single- 91% are buyers of previously owned homes neighborhood was
family, 84% an influencing,
93% bought through an agent/broker
Townhouse/row 57%
Median square feet of home purchased: 1,680
house, 5%
Median home price: $201,000 68% had no
Duplex/apartmet/
condo, 2%
children under
Other, 8%
the age of 18
living in their
home
Reasons to Purchase 8% 20% of unmarried
Home of all respondents couples
compromised on
Desire for a home in a better the price of their
4%
area home 58% rented an
(e.g. marriage, birth of child, 6% apartment or
divorce, etc.)
house before their
Desire for a larger home 8% recent purchase
Reasons:
Young adults over age 18 : 34%
Desire to own 54% Aging family members: 6%
% 10% 20% 30% 40% 50% 60%
First-time Buyers
Purchased

Median Age: 32
90% are buyers of previously owned homes The expected
Detached single-
family, 81% 89% bought through an agent/broker tenure of first-time
Townhouse/row Median square feet of home purchased: 1,640buyers was a
house, 8% Median home price: $190,000 median of 10
Duplex/apartment
/condo, 4% years 57% were
Other, 7% married couples,
and 18% single
females, 16%
unmarried couples
Reasons to Purchase 34% Convenience to
job was an
of all respondents
Home important factor
when purchasing,
Job-related relocation or
4% at 57%
move
73% rented an
Establish a household 4% 12% of buyers bought multi-generational home apartment or
Reasons: house before
Change in family
situation (e.g. marriage, 6% Aging family members: 26% buying
birth of child, divorce,
Desire to own 65%
0% 20% 40% 60% 80% 2017 Profile of Home Buyers and Sellers
Repeat Buyers
Purchased

Median Age: 54
Median Income: $97,500 19% contacted a
Detached single- 82% are buyers of previously owned homes
real estate agent
family, 84% 86% bought through an agent/broker
Townhouse/row as their first step
house, 6%
Median home price: $266,500
in buying
Duplex/apartment/
condo, 4% Expected to
Other, 5%
stay in their
home for 15
years
Reasons to Purchase 66% 38% made no

compromises on
the characteristics
of their home
10%
move
53% purchased
Desire to be closer to
family/friends/relatives
11% in a suburb/
14% of buyers bought multi-generational home subdivision
Desire to own a home of Reasons:
12%
own
Desire for a larger home 14% Young adults over age 18: 33%
0% 5% 10% 15%
Buyers of Multi-Generational Housing
Purchased Median Age: 53
Median Income: $91,000 49%
Detached single- 30% are first-time buyers owned their
family, 83% 82% are buyers of previously owned homes
Townhouse/row previous home
house, 6%
84% bought through an agent/broker
Duplex/apartment/ Median square feet of home purchased: 2,100
condo, 3% Median home price: $250,000 55% found the
Other, 7% quality of the
neighborhood to
be important
Reasons to Purchase Home 13% 66% were

married couples,
Change in family situation of all respondents
(e.g. marriage, birth of child, 9% and 16% were
divorce, etc.) single females
friends/family/relatives
10% 51% were
located in a
suburb/subdivision
Desire for larger home 13% Reasons for purchasing multi-generational home:
Desire to own a home of
own
26%
0% 10% 20% 30% 2017 Profile of Home Buyers and Sellers

Buyers of Senior Housing
(Among those over 50 years of age)
Type of Home
Median Age: 67
55% made no
Detached single-
family, 68% 75% are buyers of previously owned homes compromises when
Townhouse/row 76% bought through an agent/broker purchasing
house, 6% Median square feet of home purchased: 1,700 26% first
Duplex/apartment Median home price: $246,500 contacted a real
/condo, 16%
estate agent when
Other, 10%
starting the
buying process
Reasons to Purchase 13% 46% found the
Home of all respondents quality of the
Desire to own home of own 11%
neighborhood
important
friends & family
15% Household Composition of Homes typically
Buyers had 2 bedrooms
Desire for smaller home 16% and 2 bathrooms
Married couple, 64%
Single female, 25%
Retirement 20%
Single male, 7%
Unmarried couple, 4%
0% 5% 10% 15% 20% 25%
Other, 1% 2017 Profile of Home Buyers and Sellers
Buyers Who Found Commuting
Costs Very Important
Type of Home
Purchased Median Age: 39 66% said that
Median Income: $85,100 convenience to their
Detached single- 45% are first-time buyers
family, 80% job was important
86% are buyers of previously owned homes
when choosing a
Townhouse/row 89% bought through an agent/broker
house, 9% neighborhood
Duplex/apartment Median home price: $222,500
/condo, 4% Typical home had
Other, 7%
3 bedrooms and
2 bathrooms
Reasons to Purchase 24%

Home
28% compromised on
of all respondents
the price of their
7%
home
job/school/transit
53%
Desire for larger home 9% purchased in a
15% of buyers bought multi-generational home suburb/
12% Reasons: subdivision
move
Desire to own home of
own
38% Young adults over age 18: 27%
0% 10% 20% 30% 40%

Buyers Who Downsized By
Size of Their Home
Type of Home Purchased
Median Age: 60
Median Income: $90,700 64% were
Detached single-
82% are buyers of previously owned homes married couples
family, 79% 84% bought through an agent/broker and 23% were
Townhouse/row Median square feet of home purchased: 1,700 single females
house, 8% Median home price: $240,000
Duplex/apartment/ 50% purchased
condo, 7%
Other, 6% a home in a
suburb or
subdivision
Reasons to Purchase
23% 52% said the
of all respondents quality of the
Home neighborhood
was important
10%
(e.g. marriage)
Homes purchased
Job-related relocation or were typically
10%
move
12% of buyers bought multi-generational home 700 square feet
Desire to own a home of smaller than home
10% Reasons:
their own
Young adults over age 18: 41% sold
15%
family/friends/relatives Aging family members: 15%
Desire for a smaller home 21%
0% 5% 10% 15% 20% 25% 2017 Profile of Home Buyers and Sellers
Buyers with Student Loan Debt
Type of Home Purchased
Median Age: 34
Median Income: $90,800 Typically had
Detached single- 53% are first-time buyers $26,000 of
family, 86% 90% are buyers of previously owned homes student loan debt
Townhouse/row 89% bought through an agent/broker
house, 6% Median square feet of home purchased: 1,800 Debt delayed
Duplex/apatment Median home price: $215,000 buyers from
/condo, 2% saving for a
Other, 5% downpayment for
3 years
25% cited saving for
Reasons to Purchase Home 26% the downpayment as
of all respondents the most difficult step
(e.g. marriage, birth of 8% in the home buying
child, divorce, etc.) process
55% made
9% financial
move
sacrifices and
10% of buyers bought multi-generational home cut spending
Desire for a larger home 11%
Reasons: to purchase
home
their own
0% 20% 40% 60%

Buyer, Self, or Spouse are Active
Duty Military or Veteran
Median Age: 34 Median Age: 59
Median Income: $86,400 Median Income: $85,000
57% are first-time buyers 20% are first-time buyers
80% are buyers of previously owned homes 81% are buyers of previously owned homes
90% bought through an agent/broker 84% bought through an agent/broker
Median square feet of home purchased: 2,020 Median square feet of home purchased: 1,980
Median home price: $252,000 Median home price: $230,000
Unique to these buyers: Unique to these buyers:

58% owned
67% rented an their previous
apartment or home prior to
house prior to their recent home
their recent home purchase
19% purchased
96% were purchase
a multi-
satisfied with the 3% 18% generational
home buying of all respondents of all respondents home
process 85% purchased
a detached
17% purchased
single-family
a multi-
home
generational
home
Gay/Lesbian or Bisexual
Median Age: 46 Median Age: 37
Median Income: $92,100 Median Income: $73,800
40% are first-time buyers 61% are first-time buyers
87% are buyers of previously owned homes 90% are buyers of previously owned homes
82% bought through an agent/broker 80% bought through an agent/broker
Median square feet of home purchased: 1,660 Median square feet of home purchased: 1,510
Median home price: $221,000 Median home price: $224,000
Unique to these buyers: Unique to these buyers:

59%
47% rented an
rented an apartment or
apartment or house prior to
house prior to buying
38% were buying 39% were single
married couples, 1% females and 7%
and 18%
3% of all respondents
were single
unmarried
of all respondents 31% were males
couples married couples,
13% were single and 20%
females and unmarried
25% were single couples
males
Buyers Who Were Rejected by a
Mortgage Lender
Household Composition
Median Age: 40
Married Couple, Median Income: $84,000 Mortgage
56% 43% are first-time buyers application was
Single Female, 22% 86% are buyers of previously owned homes typically denied
84% bought through an agent/broker one time
Single Male, 7%
Median square feet of home purchased: 1,750 Debt typically
Unmarried Couple, Median home price: $193,100 delayed buyers
12% for 3 years from
Other, 3%
saving for a down
39% have payment or
5% student loan buying
Reasons Mortgage Application was
of all respondents debt, with a
Rejected
median debt of
Debt to income ratio $30,000
29% 46% said getting
Low credit score 23% a mortgage was
Race/Ethnicity the most difficult
Insufficient down payment 11% 76%, White/Caucasian step in the home
Not enough money in reserves 11%
9%, Black/African American buying process
8%, Hispanic/Latino/Mexican/Puerto Rican
Income was unable to be verified 10% 4%, Asian/Pacific Islander
Too soon after refinancing another
5%, Other
1%
property
0% 20% 40% 2017 Profile of Home Buyers and Sellers
Buyers Who Frequently Used the
Internet to Search for Their Home
Type of Home Purchased Median Age: 42
Median Income: $90,800 66% were
35% are first-time buyers married couples,
Detached single- 87% are buyers of previously owned homes and 17% single
family, 85%
90% bought through an agent/broker females
Townhouse/row
Median square feet of home purchased: 1,870 48%
house, 7%
Median home price: $239,000 first looked
Duplex/apartme
nt/condo, 3% online for
Other, 5%
properties for
45% sale
owned their
Reasons to Purchase Home 84% previous
of all respondents residence prior to
Change in family situation buying
(e.g. marriage, birth of 8%
child, divorce, etc.)
93% were
Job related relocation or
9% satisfied the home
move
buying process
Desire for larger home 11% Reasons:
their own
0% 10% 20% 30% 40% 2017 Profile of Home Buyers and Sellers
FSBO Sellers
Unique to these sellers:
Type of Home Sold
Median Age: 57
Detached single-
15% cited the
family, 66%
39% are first-time sellers most difficult task
Mobile/manufactured
home, 13% Median square feet of home sold: 1,800 was getting the
Median home selling price: $190,000 price right
Duplex/apartment/co
ndo, 11%
47% determined
Townhouse/row
house, 7%
the asking price
based on recent
Other, 4%
homes sold in the
FSBO homes were area
Reasons for Selling Without
8% typically on the
of all respondents market for just
an Agent two weeks before
selling
Buyers contacted seller
10% 54% of FSBOs
directly
did not need to
Ways FSBO Sellers Marketed Their Home: sell urgently
Sold it to a relative, Yard sign- 35%
23%
friends or neighbor
Third party aggregator- 25%
Friends, relatives, or family- 24%
Did not want to pay a
43%
Multiple Listing Service (MLS)-26%
commission or fee Open House- 20%
Black/African-American
Household
Composition Median Age: 45 Unique to these buyers:
45% are first-time buyers 21%
Married couple, 55%
80% are buyers of previously owned homes compromised
Single female, 27% 88% bought through an agent/broker on the price of
Median square feet of home purchased: 2,000 the home
Single male, 7%
Median home price: $230,000 purchased 21%
Unmarried couple, 7% purchased a
Other, 4%
multi-
generational
Reasons to Purchase Quality of the
home
5% neighborhood
was an influencing
Desire for a home in a better factor, 65%
7%
area
Typical home
move
7% had 3
Type of Home Purchased bedrooms and
(e.g. marriage, birth of
8%
Detached single-family- 78%
2 bathrooms
Townhouse/row house- 9%
Desire for larger home 9%
Duplex/apartment/condo- 4%
Other- 9%
Desire to own 43%
Asian/Pacific Islander
Household Unique to these buyers:
Median Age: 38
Composition Median Income: $109,400
Homes typically
Married couple, 80%
77% are buyers of previously owned homes had 3 bedrooms
Single female, 9%
79% bought through an agent/broker and 2 bathrooms
Single male, 3% Median square feet of home purchased: 2,100
Median home price: $380,000 61% found the
Unmarried couple, 6%
quality of the
Other, 1% neighborhood to
be important
Reasons to Purchase Home 38% made
8%
5% compromises on
job/school/transit of all respondents
the price of their
Desire for a home in a home
8%
better area
26% purchased a
Establish a household 11% Type of Home Purchased multi-generational
home
Desire for larger home 13%
Townhouse/row house- 14%
Desire to own a home of Other- 5%
34%
own
0% 20% 40% 2017 Profile of Home Buyers and Sellers

Hispanic/Latino/
Mexican/Puerto Rican
Composition Median Age: 39
Convenience to
Married couple, 50% are first-time buyers friends and
62% 82% are buyers of previously owned homes family was an
Single female, 16% 88% bought through an agent/broker influencing factor,
Median square feet of home purchased: 1,700 31% 23% made
Single male, 7% Median home price: $216,000
compromises on
Unmarried couple, the price of their
14% home
Other, 2%
7% 23% purchased a
Reasons to Purchase of all respondents multi-generational
Home home
6%
job/school/transit
Typical home had
Job-related relocation or Type of Home Purchased 3 bedrooms and
8%
move 2 bathrooms
Desire for a larger home 9% Townhouse/row house- 8%
Desire to own home of Other- 6%
45%
their own
White/Caucasian
Median Age: 46
Composition Median Income: $90,000
Married couple, 66% 30% are first-time buyers Convenience to job
86% are buyers of previously owned homes
was an influencing
Single female, 18% 89% bought through an agent/broker
factor at 42%
Single male, 7%
Median home price: $234,000 20%
Unmarried couple, compromised
8% on the price
Other, 2% of their home
Reasons to Purchase Home 83% 11% purchased a
of all respondents
Change in family situation multi-generational
(e.g. marriage, birth of child, 8%
divorce, etc.) home
Job-related relocation or move 9% Typical home
Desire to be closer to Type of Home Purchased had 3
family/friends/relatives
9% bedrooms and
Detached single-family- 84% 2 bathrooms
Desire for a larger home 10% Townhouse/row house- 6%
Desire to own 27% Other- 6%
% 5% 10% 15% 20% 25% 30%


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2017 Profile of Home Buyers and Sellers

Children in 41% 40% 35% 37% 38% 37%

2017 Profile of Home Buyers and Sellers

Reasons to Purchase 38% 66% were

Home in better area 9%

% 10% 20% 30% 40%

Reasons to Purchase 7% 98%

Desire for a home in a better

Reasons to Purchase 66% 38% made no

Reasons to Purchase Home 13% 66% were

0% 10% 20% 30% 2017 Profile of Home Buyers and Sellers

Reasons to Purchase 24%

0% 10% 20% 30% 40%

0% 20% 40% 60%

Unique to these buyers: Unique to these buyers:

Unique to these buyers: Unique to these buyers:

0% 20% 40% 2017 Profile of Home Buyers and Sellers

% 5% 10% 15% 20% 25% 30%

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