November 19th, 2012 categories: Chicago Real Estate News
Dual-income couples are playing a major role in the housing market’s recovery, according to the latest numbers from the National Association of REALTORS®.
According to the association’s recently released 2012 Profile of Home Buyers and Sellers, married couples with dual incomes now make up 69 percent of all home buyers. That’s the highest percentage this group has claimed since 2001.
At the same time, only 16 percent of recent home buyers were single females. That’s this group’s lowest percentage since 2001.
This isn’t surprising, though. With the economy’s troubles, those couples with two incomes are far more financially stable. They can take on the responsibility of a monthly mortgage payment more easily than can single buyers.
The dual-income couple rise, though, isn’t the only interesting tidbit from the Profile of Home Buyers and Sellers. The association’s report also found that 39 percent of recent home buyers were first-time buyers, a figure that aligns closely with the historical norm of 40 percent. The report also found that the typical home buyer was 42 years old.
When it comes to household finances, the typical home-buying family is doing relatively well. According to the report, the 2011 median household income of all home buyers was $78,600. The median income stood at $61,800 for first-time buyers and $93,100 for repeat home buyers.
The report also contains some interesting information about the homes that people are buying today. According to the numbers, buyers typically purchased a 1,900-square-foot home with three bedrooms and two bathrooms.
The report found, too, that the typical home buyer searched for a property for 12 weeks and viewed an average of 10 homes during this time. A total of 89 percent of buyers bought their homes through a real estate agent or broker.