The home buyer profile keeps changing over time along with the shifting dynamics of American demographics. Today's home buyer is very much different from yesterdays. This article throws light on the typical home buyer of today based on CNNMoney.com latest synopsis of the average home buyer of 2007.
According to the National Association of Realtors (NAR), the biggest group among home buyers is married couples who account for 61 % of all home purchases made. Another growing trend in the recent years is the increase in the percentage of homes bought by single women. As of 2007, single women account for 22 % of all home purchased, which is about 1 in every 5 homes. Single men lag behind when compared to single women accounting only for 9 % of homes purchased.
This spurt in the percentage of women buyers, especially single women, is attributed to two major factors - the increase in the number of single women than ever before and the rise in their financial independence. Based on a recent analysis of the Census Bureau data by The New York Times, 51 % of American adult women have been found to be single.
Women's growing economic power and independence has augmented with their growing education. Today, the percentage of women who are college graduates is 57 %. Women have also been found to possess higher education degrees than men.
According to Pat Vredevoogd Combs, the president of the NAR, American women are more confident and financially savvy than ever before. This, along with the availability of unconventional mortgage products such as small cash-down loans for fresh graduates and divorcees are helping women achieve homeownership in shorter periods of time.
Another significant group of home owners are minority home owners who account for 30 % of all homes purchased. According to Vredevoogd, during the last decade through 2005, African-American home owners have grown from 44 % to 48 %, while Hispanic home owners have grown from 43 % to 49 % and Asian home owners from 51 % to 60 %, contributing largely towards 75 % of the nation's homeownership.
Another emerging segment of home buyers today are overseas buyers who are increasingly investing in U. S. second homes (mostly vacation homes). In 2005 alone, buyers from foreign countries are accounted for home purchases worth $41 billion in the U.S., according to Janet Branton, Vice President of business specialties, NAR. Of these, the largest number is from Germany accounting for 13 % of overseas buyers, followed by Latin American (13 %), Japan (10 %), the United Kingdom (10 %) and Australia (1 %).
- Related Videos
- Related Articles
- Ask / Related Q&A
- Invest Well With Atlanta Real Estate Homes and Houses
- Hire the Right Inspector before Sealing the Deal on a Real Estate Home for Sale
- 5 Tips To Ensure That Your Offer To Buy A Fort Lauderdale Real Estate Home Or Condo Is Accepted
- Successfully Close on Fort Lauderdale Real Estate Home Even in a Down Market
- Creating a Vision of Your Fisher Island Real Estate Home
- Choose the Best Neighborhood When Buying an Aventura Real Estate Home
- What to Do before Refinancing Your Miami Real Estate Home
- Things You Need to Figure Out Before Buying a Key Biscayne Real Estate Home
Legal Mistakes You Can Avoid by Hiring San Diego Property Manager
By: David Scott | 23/12/2009Some landlords commit many legal mistakes which can be costly for their property rental business. Such mistakes can be avoided by simply hiring a professional San Diego property manager. The downfall of some landlords is not due to lack of tenants or sluggish property markets but because they have been embroiled in a very expensive and costly legal battle with tenants, state regulatory authorities, and other housing institutions.
Prepare Your Miami Homes for Sale Effectively
By: Mark Ferrer | 23/12/2009Whether you're putting up your Miami homes for sale and selling them on your own or through an agent, you have to know the proper way of reeling in buyers. Don’t let nasty surprises scare your buyers away. Knock their socks off with these essential prepping methods.
New Home Buyer's Tax Credit Ensures Winter Home Sales
By: Lauren Spencer | 23/12/2009If home prices continue to fall, particularly with the home buyer’s tax credit still in place, then the home sales over the fall may just continue to exceed expectations. However, the sales that occur in late in the year tend to drop off in frequency as the weather worsens.
Map Out a Strategy before Buying or Leasing a Florida Commercial Real Estate Property
By: Mark Ferrer | 23/12/2009The Florida commercial real estate offers plenty of investment properties. From office spaces to large industrial structures, you are sure to find what you are looking for in the state’s commercial real estate market. Finding a property and sealing a good lease or purchase deal, however, are not that easy. You have to approach the process systematically. An excellent way of doing this is by creating an effective plan.
Complying with Legal Requirements through the Help of Property Management San Diego Service
By: David Scott | 23/12/2009As a landlord, you have to understand that the property rental industry is a highly regulated sector. The laws, rules and regulations on property rentals are very strict. You need to understand these regulations in order to avoid crippling litigations that could ruin your business. If you are planning to expand your properties in San Diego, then it will be to your best interest if you get the services of property management San Diego professionals.
Real Estate Foundation Development
By: Colon Bolden | 23/12/2009estate investing, it's important to set up your foundation development. This means studying the market in your area and finding people you will need to work with (agents, mortgage brokers, loan officers, repairmen, and so on). Set a firm foundation so when you see a great opportunity, you can jump on it right away.
How to Cash in on Real Estate
By: Colon Bolden | 23/12/2009If you're new to real estate, it can be hard learning how to get ahead in the beginning. You can make the situation so easy and make money fast if you learn this strategy from the beginning. The veterans will not explain this strategy to you so pay attention. I will explain how to cash in.
Investing in Different Types of Real Estate
By: Colon Bolden | 23/12/2009You may be wondering what type of real estate you should invest in. Well, you're at the right place to help you figure this out. Should you specialize in family homes or condominiums, or should you buy anything if it looks like a good deal?
Top 5 Yard Upgrades To Increase Home Value?
By: Real Estate Advisor | 05/11/2007 | Real EstateThere are plenty of research on the influence of city trees and open spaces on property values especially in residential settings. With proper landscape improvements, the economic value of a home can be increased immensely. This article focuses on the hedonic valuation of city trees which would not only benefit...
Top 20 Real Estate Foreclosure Markets, Mid-Year 2007
By: Real Estate Advisor | 20/10/2007 | Real EstateStockton, California reported the highest foreclosure rate among the nation's 100 largest metro areas from Jan to Jun 2007, according to RealtyTrac, an online marketplace for foreclosure sales. Detroit and Las Vegas documented the next highest foreclosure rates. RealtyTrac's 2007 Midyear Metropolitan Foreclosure Market Report showed the foreclosure activity in...
Are Beachfront Homes For You?
By: Real Estate Advisor | 28/09/2007 | Real EstateWaterfront homes and seafront homes offer all the charms and attractions of a romantic idyllic living beside blue waters and are perhaps second to none. If you are someone looking to invest on a home with water views, near a beach, a lake or a bay, then it is good...
2007: Home Features That Buyers Want
By: Real Estate Advisor | 25/09/2007 | Real EstateExtra garage space emerged among the top home feature preferences of home buyers in the latest home buyer preference survey conducted by National Association of Realtors (NAR). The survey titled "2007 Profile of Buyers' Home Feature Preferences" brings to the forefront the changes that have taken place in home buyers' preferences...
Top 15 U.s. Cities With Likely Home Price Reductions
By: Real Estate Advisor | 20/07/2007 | Real EstateThere has been a shift in the risk of home price reductions in the U.S. towards Florida and California and some areas of the southwest, according to the PMI Mortgage Insurance Co.'s Summer 2007 U.S. Market Risk Index. The index ranks the 50 largest metropolitan statistical areas in the U.S....
Top 15 Cities With High Cost Of Living
By: Real Estate Advisor | 16/07/2007 | Real EstateMoscow, the Russian capital, is the most expensive city in the world for cost of living followed by London, UK and Seoul, South Korea in the second and third position. The findings are based on the annual Cost of Living Survey conducted by Mercer Human Resource Consulting. Moscow tops the...
Which U.S. Cities Are Most Green?
By: Real Estate Advisor | 09/07/2007 | Real EstateThe buzzword that is going around these days is 'green' - green homes, green building, green living etc. Here is the latest addition to the green world - the top 25 greenest cities in the U.S. These are cities that are more energy efficient and offer a living environment that...