NAR – the National Association of Realtors conducted a study. A profile of sorts for homebuyers and home sellers in 2020. I thought some of the characteristics for these home buyers were pretty interesting. Curious? Read on!
31% of homebuyers were first time buyers. This stat is actually a little lower than last years, which was 33%.
The average age of a homebuyer was 47 years old and the median household income rose to $96,500.
12% of homebuyers purchased a multigenerational home. What’s even more interesting is that from January 2020-March 2020 mostly pre-Covid-19 world wide pandemic, that % was 11%. Then from April 2020-end of the year that percentage rose to 15%. Don’t ask me how those rates end up at 12%, this is just what the NAR Profile of Home Buyers and Home Sellers said!!
44% of home buyers who purchased a home in 2020 were specially looking for move-in ready. These home buyers were wanting to avoid renovations and problems with plumbing and/or electricity. That’s a large percentage of home buyers.