Download - Characteristics of Home Buyers & Homes Bought2008 HAR Survey of Home Sellers & Buyers Houston Association of Realtors® | 49 Characteristics of Home Buyers & Homes Bought TYPE AND

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.

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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


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



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%

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2008 HAR Survey of Home Sellers & Buyers

Houston Association of Realtors® | www.HAR.com 49


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%

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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