Characteristics of Home Buyers & Homes 2008 HAR Survey of Home Sellers & Buyers Houston...

Click here to load reader

  • date post

    23-Sep-2020
  • Category

    Documents

  • view

    0
  • download

    0

Embed Size (px)

Transcript of Characteristics of Home Buyers & Homes 2008 HAR Survey of Home Sellers & Buyers Houston...

  • 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.

    C h

    a p

    te r

    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 COMPOSITION MARITAL 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%

    L e

    s s

    th a

    n

    h ig

    h s

    c h

    o o

    l g

    ra d

    u a

    te

    H ig

    h s

    c h

    o o

    l g

    ra d

    u a

    te

    B u

    s in

    e s

    s /

    tr a

    d e

    sc h

    o o

    l

    A tt

    e n

    d e

    d

    c o

    ll e

    g e

    C o

    ll e

    g e

    g ra

    d u

    a te

    P o

    s tg

    ra d

    u a

    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 HOMES PRIMARY 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%

    L e

    s s

    th a

    n $7

    5 ,0

    0 0

    $7 5

    ,0 0

    0 -

    12 5

    ,0 0

    0

    $1 25

    ,0 0

    0 -

    17 5

    ,0 0

    0

    $1 75

    ,0 0

    0 -

    25 0,

    0 0

    0

    $2 5

    0, 0

    0 0

    - 3

    5 0,

    0 0

    0

    M o

    re t

    h a

    n

    $ 3

    5 0,

    0 0

    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