Data from the latest NAR Profile of Home Buyers and Sellers shows the number one reason buyers are buying today is for the plain desire to own a home of their own. They want a place where they can come home at night that is their special place in the world. The most common home purchased among buyers was a detached single-family home, with three bedrooms, 2 bathrooms, and 1,900 square feet.
The typical buyer is satisfied with their buying process and plans to live in the perfect home for them for 15 years.
Data from the report show the highest share of home buyers are married couples compared to single buyers and unmarried couples. The share of married couples who purchased a home (65%) is actually at its highest share since 2001. Married couples typically have higher household incomes than single buyers and thus better purchasing power in today’s tightened financial market environment.
While married couples might have double the purchasing power of single females and single males when buying a home, they too are still making sacrifices to get into a home. Thirty-one percent of married couples who recently purchased a home cut spending on luxury items or non-essential goods, and 26 percent cut spending on entertainment. Perhaps the married home buying couple is dining-in tonight?
A sizeable amount of the market are still single females, single males and unmarried couples – more than one-third. While the married couples may be cooking in tonight, the single buyers and unmarried couples could be taking advantage of the neighborhood features that influenced their home purchase – proximity to friends and family, entertainment and leisure activities, and shopping.
Married, unmarried, single male, and single female, all recent home buyers will enjoy the quality of the neighborhood they picked – as it influenced the majority of all household types, and hopefully all will enjoy a good meal tonight, or at the least some tasty chocolate.
Jessica Lautz is the Managing Director of Survey Research and Communications. Jessica analyzes data and writes annual studies such as the Member Profile, the Profile of Home Buyers and Sellers, and the Commercial Member Profile.