Wondering How to Become a Homeowner?
We’ll give you a hint: just be yourself! We’ll handle the rest. Okay, yes, there’s more tips on how to become a homeowner than just being yourself. If it was that easy, everyone would be a homeowner. But have you ever thought, “I’m not homeowner material. People with more money and savings are homeowners, and that’s not me.” Well, get that out of your head right now. Because we’ve got a list right here of statistics of homeowners, and we’d bet you fit some of these characteristics.
This information is provided by the National Association of Realtors.
Are Homeowners Married or Single?
The NAR says “61% of recent buyers were married couples, 17% were single females, 9% were single males and 10% were unmarried couples. This is the highest share of unmarried couples recorded.” So if you’ve been holding back because you’re single and think it’s too big of a task, we say pish posh to that. Over a quarter of people who buy homes are single! It just makes you that much more of an independent badass.
How to Become a Homeowner, for the First Time.
Here are the stats on first-time home buyers:
- First-time buyers made up 26% [of homeowners], down from last year’s 34%. This is the lowest share of first-time buyers since the data collection began.
- The typical first-time buyer was 36 years old this year, rising from 33 last year, an all-time high.
- Among first-time buyers, 18% of buyers were unmarried couples, and 5% were other household compositions. Both are the highest shares recorded.
So you don’t have to be married to your partner to buy a home; almost a quarter of first-time home buyers weren’t! While most couples (even married) don’t plan to break-up, things do happen. So there are precautions to take and plans you can put in place when considering how to set up the financing, sharing costs, etc. If you have more questions on this topic, please feel free to reach out to our preferred lender, Meggan McDonalad at Supreme Lending.
Other Buyer Attributes
The typical repeat buyer age climbed to 59 years, also an all-time high.
“14% of home buyers purchased a multigenerational home, to take care of aging parents, because of children or relatives over the age of 18 moving back home, and for cost-savings.” This seems to be something we’re starting to see more of than in past years. Perhaps Covid had an impact on this, but it’s more common in other cultures and countries than the US. We love to see it!
88% of buyers were White/Caucasian, 8% were Hispanic/Latino, 3% were Black/African-American, 2% were Asian/Pacific Islander, and 3% identified as other. The share of White/Caucasian buyers and Hispanic/Latino buyers both grew this year, while the share of other racial and ethnic groups declined. No matter what you look like, there are other homebuyers who look just like you!
91% of recent home buyers identified as heterosexual, 2% as gay or lesbian, 2% as bisexual, and 5% preferred not to answer.
22% of recent home buyers were veterans and 1% were active-duty service members.
So when we tell you how to become a homeowner is to be yourself, these stats are why. There is someone who looks like you, identifies as you do, is also a first-time home buyer, is single, is married – and none of these characteristics had anything to do with financial status.
At Dani Beyer Real Estate, we’re proud to have clients who represent all of these characteristics and many not mentioned. And financially? They’re all over the map. And we have resources to help you understand what kind of loan you’ll need as well as preferred vendors who can help do the same. We’re ready to make your homeownership dreams come true!