Clarification of Answer by
bobbie7-ga
on
26 Jan 2006 16:56 PST
Dear Maricich,
According to the California Association of REALTORS (C.A.R.) "2004 -
2005 State of the Housing Market" report released on January 24, 2005
?The typical first-time buyer fell in the age range of 30 to 40 years,
with a median age of 32.?
Source: California Association of REALTORS Press Release
http://www.car.org/index.php?id=MzQ2NTI=
I believe the more detailed breakdown of these numbers can be found in
the above report. I tried to find this report for free online but it
appears this report is only available for purchase.
To purchase this report, please contact the Research & Economics
Department at research@car.org or (213) 739-8352.
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Additional information from this report:
?First-time homebuyers are typically 30 to 40-years old, half are
married and one-third are single. Singles are pooling their resources
to co-own properties, raising the two or more individual homebuyer
rate to 13.2 percent. Typical first-timers earned $75,000 annually and
bought historically high median priced homes of $401,500. The average
median sales price of homes sold in California was $460,000, 27.8
percent higher than in 2003.
The most important reason for buying, notes the report, was the desire
to stop renting, cited by nearly 49 percent of first-time buyers.
Investment/tax reasons for buying were cited by 13 percent and 11
percent purchased because they wanted a "better location."
Higher prices forced first-timers to borrow 33 percent more money in
their first mortgages than last year, or to take on a second mortgage
actions which increased 36.4 in 2003 and 57.2 percent in 2004. Down
payments dropped 27.6 percent to $18,450.?
Reality Times: January 25, 2005
http://realtytimes.com/rtapages/20050125_stateofhousing.htm
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According to the California Association of REALTORS (C.A.R.) "State of
the Housing Market 2003" report:
?First-time homebuyers have a median age of 33 years, earn a median
household income of $75,000, and typically are married, although just
over one-third of first-timers are single. First-timers also purchase
a less expensive home than the statewide median ($307,500 compared to
$375,000), and are more likely to view condominiums as a more
affordable option -- 44 percent all condominium purchases are made by
first-time buyers. The survey also revealed that one out of three
first-timers take out a second mortgage to avoid paying private
mortgage insurance (PMI).?
To purchase C.A.R.'s "State of the Housing Market 2003" call (213)
739-8352 or e-mail maryp@car.org. Cost for an electronic version is
$29.95 for C.A.R. members and $59.90 for non-members; and $49.95 for a
hard copy for C.A.R. members and $99.90 for non-members.
http://www.car.org/index.php?id=MzMwNTA=
Please let me know if this additional information suits your purpose.
If it doesn?t, I will email the editors and ask them to review this
question and remove my answer.
Thank you for your patience!
Sincerely,
Bobbie7
,
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