Are you a renter, buyer, seller, or homeowner? Here are some interesting housing stats on the these 4 groups of people from Zillow…
- Renters skew younger: The typical renter has a median age of 32 years old.
- Nearly half of renters are single, including a third who have never married.
- Although the majority of renters are single, 78 percent live with others, most often this is another family member.
- The median rent across the U.S. is $1,010 with highest rents in the West and lowest rents in the Midwest.
- Renting can be expensive: 79% of renters who moved in the past year had a rent increase.
- More than half of renters (57%) had a rent increase impact their decision to move and 37% of renters who aren’t moving say it’s because they can’t afford to.
- Today’s buyers have a median age of 40, although the majority (71%) of first-time buyers are Millennials.
- The median household income of the typical buyer is $87,500 and most buyers are married or partnered, relying on two incomes to purchase a home.
- The typical home in the U.S. purchased has 3 bedrooms, 2 1/2 bathrooms, measures 1,800 square feet and costs $200,000.
- More than anything, buyers want their home to be in a safe neighborhood (71 percent of buyers) and in their price range (67 percent of buyers).
- Other than safety, buyers also want to stay cool. Sixty-two percent of buyers require their homes to have air conditioning.
- Buyers take an average of 4.3 months to search for their new homes — although Millennials take just under four months (3.9 months) and those in the Silent Generation who take the longest at 5.6 months.
- The suburbs rule: 49% of buyers buy there, followed by 31% of buyers buying in urban locations and just 19% of American buyers purchasing in rural regions.
- Sellers have a median age of 45 although Millennials make up nearly one-third of todays’ sellers.
- Sellers have a higher median income than homeowners at $87,500.
- The typical seller has lived in their home for 12 years.
- Most sellers are selling for the first time (61%) and looking to buy at the same time (71%).
- Seventy-six of sellers have to make at least one concession to sell their home — most often being a price reduction.
- One in two sellers sell their home for less than their original listing price.
- Homeowners are the oldest, with a median age of 57 years and just 14% are Millennials.
- Homeowners have a median household income of $62,500 and 71% live with a spouse or partner.
- Forty percent of homeowners have a pet (with dogs ranking in top at 30%).
- Almost half of homeowners (46 percent) live in the first home they purchased, although this percentage decreases with age.
- Eighty-six percent of homeowners have no plan to sell in the next three years.
- Less than a quarter of homeowners say their home is in “like-new” condition and more than 60% say their home could use a little updating.
- The top of homeowners’ to-do list for the next year include: painting the interior (25%), improving the bathroom (22 percent) and landscaping (21 percent).
While renting has been a somewhat popular option for the younger crowd, it never beats owning your home. Don’t pay someone else’s mortgage. Let us show you how you can dump the rent and own your own home. Real estate is a great investment for your future, and we are ready to help you get started on your home search! Call us TODAY @ 720-593-2014.