2022 first-time homebuyer statistics – Dataman Group Direct
To start with-time homebuyers are one of your top rated industry groups.
At Dataman Group Immediate, we can certainly create the excellent very first-time homebuyer checklist for you. The stats shown beneath will assistance you craft your message, visuals and your provide to them.
Initial-time homebuyer demographics:
- In 2021, 34 p.c of homebuyers were initially-time homebuyers. This was an maximize from 31 per cent in 2020.
- The common age of a 1st-time homebuyer is 33 a long time aged.
- Sixty-five per cent of initial-time homebuyers are pushed mainly by a wish to individual their have home.
- Because 2018, the average down payment for first-time homebuyers has consistently ranged in between 6 p.c and 7 per cent.
- In 2021, 28 percent of initially-time homebuyers used a reward or financial loan from household or mates toward their down payment.
- Among the unmarried homebuyers (which is 9 per cent of all homebuyers), 21 per cent are young millennials (age 23 to 31)
- Fifty-just one % of more mature millennials have at least 1 small boy or girl residing with them.
- Sixty-6 percent of initially-time homebuyers are white. 14 p.c are Hispanic, 11 percent are Asian American and 9 p.c are Black.
Homeownership is worthy of a sacrifice
- Many residence customers age 23 to 41 produced sacrifices to order a household. The most frequent was to lower shelling out on “luxury or non-important things.”
- Of dwelling buyers age 23 to 41, the most prevalent purpose for a home loan denial was an inadequate personal debt-to-earnings (DTI) ratio. That was followed by a low credit history score.
- Twenty-9 % of to start with-time homebuyers cite “saving for a down payment” as the most challenging aspect of the homebuying system.
- Just 11 per cent of homebuyers age 23 to 31 and a different 11 % age 32 to 41 contacted a lender or home loan loan company as the first step in the homebuying process. Additional frequently, the 1st move for these groups was to research for listings on-line.
- Of homebuyers age 23 to 31 (younger millennials), 49 % report student loan financial debt hinders their skill to save for a household. The similar is legitimate for 44 p.c of homebuyers age 32 to 41 (older millennials).
- Only 8 p.c of homebuyers age 23 to 31 and a different 8 % age 32 to 41 report “getting a mortgage” as the most challenging move in the homebuying course of action.
These stats are from BankRate