By Michael Kolomatsky
April 21, 2017
It’s never been easy for first-time buyers to get into the real estate market, but that’s been especially true in recent years. In 2010 (or July 2009 to June 2010, to be precise), they bought half the homes sold nationally. In 2016 (or July 2015 to June 2016), only 35 percent went to first-timers. In only three of the last 35 years have they had a smaller share.
So who are today’s first-time home buyers? To paint a picture of the typical first-timer, we drew information from the 2016 Profile of Home Buyers and Sellers, published annually by the National Association of Realtors.
1) Exceeds 100% because respondents could select more than one ethnicity.
2) Acquired home through inheritance or means other than purchase.
Source: National Association of Realtors