Upload
others
View
0
Download
0
Embed Size (px)
Citation preview
Characteristics of Home Buyers & Homes Bought
Home buyers in the Houston area were younger and more racially diverse than sellers. Like sellers,
they were well educated, with nearly two-thirds having at least a college degree.
Ch
ap
ter
5
Houston Association of Realtors® | www.HAR.com46
2008 HAR Survey of Home Sellers & BuyersCharacteristics of Home Buyers & Homes Bought
AGE
RESIDENCE
EXHIBIT 5.1 - AGE OF HOME BUYERS
EXHIBIT 5.2 - BUYERS’ LENGTH OF RESIDENCE IN HOUSTON METROPOLITAN AREA
Home buyers in the Houston area were younger than sellers. The median age of home buy-ers was 52, with one-fifth of buyers in their 20s and 30s.
Similar to sellers, nearly half the buyers surveyed have lived in the Houston area for more than 30 years. Twenty percent of buyers have lived in the Houston area for 10 years or less.
AGE & RESIDENCE
0
5
10
15
20
25
30
0
10
20
30
40
50
Less than 30 years
old
30 to 39 years old
40 to 49 years old
50 to 59 years old
60+ years old
7%
15%
22%
*Median Age of Home Buyers was 52.
29%
25%
Less than 2 years
2 to 5 years
6 to 10 years
11 to 20 years
21 to 30 years
More than 30 years
4%7%
9%
15% 15%
49%
2008 HAR Survey of Home Sellers & Buyers
Houston Association of Realtors® | www.HAR.com 47
Characteristics of Home Buyers & Homes Bought
HOUSEHOLD COMPOSITIONMARITAL STATUSEXHIBIT 5.3 - BUYERS’ HOUSEHOLD COMPOSITION
More than two-thirds of those purchasing a home were married couples. Two in 10 buyers surveyed were single, separated or divorced.
70%Married
8%Widowed/
Other
20%Single/Separated/
Divorced
Houston Association of Realtors® | www.HAR.com48
2008 HAR Survey of Home Sellers & BuyersCharacteristics of Home Buyers & Homes Bought
RACE
EDUCATION
EXHIBIT 5.4 - RACE/ETHNICITY OF HOME BUYERS
EXHIBIT 5.5 - BUYERS’ HIGHEST LEVEL OF FORMAL EDUCATION
Just more than half of home buyers in the Houston area were white, compared with more than 80 percent nationwide, and nearly three-quarters of area sellers. Ethnic diversity is clearly evident among Houston home buy-ers.
Houston area home buy-ers are well educated, with more than 80 percent having some post-high school formal education. Nearly two-thirds of purchasers have completed college or a postgraduate degree.
RACE & EDUCATION
0
10
20
30
40
50
53%White or Anglo
11%Hispanic or
Latino
26%Black or African
American
4%Asian
American
38%Not sure/
No answer
2%
13%
2%
17%
42%
23%
Le
ss
tha
n
hig
h s
ch
oo
l g
rad
ua
te
Hig
h s
ch
oo
l g
rad
ua
te
Bu
sin
es
s/
tra
de
sch
oo
l
Att
en
de
d
co
lle
ge
Co
lle
ge
gra
du
ate
Po
stg
rad
ua
te
2008 HAR Survey of Home Sellers & Buyers
Houston Association of Realtors® | www.HAR.com 49
Characteristics of Home Buyers & Homes Bought
TYPE AND PRICE OF HOMESPRIMARY RESIDENCE
PRICE RANGE
EXHIBIT 5.6 - HOME BOUGHT WAS PRIMARY RESIDENCE
EXHIBIT 5.7 - PRICE RANGE OF ALL HOMES BOUGHT
The great majority of buyers surveyed purchased a home as their primary residence. A much smaller number pur-chased second homes or rental properties.
The median purchase price for home buyers surveyed in the Houston area was about $152,000, right in line with the actual median purchase price for all homes bought in 2007 in the Houston area.
0
5
10
15
20
25
30
92%Primary
Residence
2%Second Home
3%Rental
Property
14%
26%
17%
11%13%
12%
Le
ss
tha
n$7
5,0
00
$75
,00
0-
125
,00
0
$125
,00
0-
175
,00
0
$175
,00
0-
250,
00
0
$25
0,0
00
- 3
50,
00
0
Mo
re t
ha
n
$3
50,
00
0
Houston Association of Realtors® | www.HAR.com50
2008 HAR Survey of Home Sellers & BuyersCharacteristics of Home Buyers & Homes Bought
TYPE OF FINANCING EXHIBIT 5.8 - BUYERS’ FINANCING USED TO PURCHASE HOME
More than two-thirds of Houston-area buyers financed their home purchase with a fixed-rate mortgage, while 10 percent paid cash and just under one in 10 buyers used an adjustable-rate mortgage.
BUYERS’ FINANCING
70%Fixed-rate mortgage
6%Other means
10%Cash
purchase
3%Seller
financing
8%Adjustable-rate
mortgage