Central Ohio home buyers tend to have to dig to find a house on the market—and for first-time home buyers, this can be a daunting task. Luckily at Trinity Homes, we make it easy for buyers to find or custom build their dream home without having to search off the grid. Here’s what you need to know about first-time home buyers, a market that made up 34 percent of all home buyers last year.
Who They Are
So, what do these first-time home buyers look like? The average first-time buyer is 32 years old with a household income of $75,000. About 58 percent of these buyers are married couples, 18 percent are single females, 14 percent are unmarried couples, and 8 percent are single males.
Over half say their reasoning behind purchasing a house is to finally be the owner of their own home. This follows the finding that 74 percent of buyers had previously rented before seeking out a house of their own.
How They Afford a New Home
There are plenty of ways to purchase a house. From savings, to gifts, to loans, to asking the tried-and-true “Bank of Mom and Dad,” there are resources out there to aid those hoping to have a place to call their own. Here’s how these homes are being financed:
Although 26 percent list saving money for a down payment as the biggest hurdle to buying a new home, 78 percent of down payments are paid via savings. Other sources include gifts, sale of stocks or bonds, 401k/pension fund, loans from friends or family, inheritance, or an IRA. The median down payment is 5 percent with a median purchase price of $190,000.
What They Are Looking For
Studies show that first-time home buyers are willing to cut spending on luxurious items, entertainment, and vacations in order to save for their dream home. But, what are home buyers looking for in a new home that justifies these spending sacrifices?
About 84 percent of home buyers purchase a home in a suburban area, with single-family homes being the majority of homes bought. About 58 percent of home buyers say “it was just the right time” when asked why they bought when they did.
Are you a first-time home buyer? Contact a Trinity Homes sales representative today to get started on finding your dream home.