GITNUX MARKETDATA REPORT 2024

First Time Home Buyer Statistics [Fresh Research]

With sources from: freddiemac.com, nar.realtor, fred.stlouisfed.org, urban.org and many more

In this post, we will explore a collection of key statistics related to first-time home buyers in the United States. From the percentage of first-time buyers in 2020 to details on down payments, financing methods, and preferences, these insights provide a comprehensive look at the trends and behaviors shaping the real estate market for new homeowners.

Statistic 1

"In 2020, 31% of all home buyers were first-time home buyers in the United States."

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Statistic 2

"Approximately 33% of first-time homebuyers in 2020 were between the ages of 25 and 34."

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Statistic 3

"As of December 2020, the median age for first-time homebuyers in the US was 33 years old."

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Statistic 4

"About 58% of first-time homebuyers financed their homes with a conventional mortgage in 2020."

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Statistic 5

"In 2019, only 13% of first-time homebuyers relied on a monetary gift from their family as a down payment source."

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Statistic 6

"The median down payment for first-time homebuyers in 2019 was 6%."

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Statistic 7

"In 2020, the median income of first-time homebuyers in the US was $80,000."

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Statistic 8

"About 29% of first-time homebuyers chose to purchase a home in a suburb or subdivision in 2020."

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Statistic 9

"In 2019, 11% of first-time homebuyers had a previous living situation where they were renting an apartment."

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Statistic 10

"The average first-time homebuyer spends between 12 and 24 months saving for a down payment."

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Statistic 11

"Approximately 67% of first-time homebuyers were married couples in 2020."

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Statistic 12

"About 66% of first-time homebuyers surveyed in 2020 wanted to buy rather than rent because they believed owning a home was a good investment."

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Statistic 13

"In 2020, the average first-time homebuyer spent about 3.9 months searching for the right property."

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Statistic 14

"Roughly 38% of first-time homebuyers in 2020 were not actively looking for a home but were introduced to one through a friend, relative, or neighbor."

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Statistic 15

"In 2019, about 33% of homebuyers who purchased their homes through a real estate agent or broker were first-time buyers."

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Statistic 16

"The typical first-time homebuyer in 2020 purchased a home that was about 1,620 square feet in size."

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Statistic 17

"In 2020, the median distance between the home first-time buyers purchased and their previous residence was 15 miles."

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Statistic 18

"About 81% of first-time homebuyers in 2020 found their homes through the internet."

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Statistic 19

"In 2019, the median student loan debt for first-time homebuyers was $30,000."

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Statistic 20

"First-time homebuyers accounted for about 46% of Freddie Mac’s single-family home purchase loans in the first quarter of 2021."

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Interpretation

Overall, the statistics on first-time home buyers in the United States paint a detailed picture of this demographic group. These individuals tend to be in their early thirties, with a median age of 33, and are often financially stable, with a median income of $80,000. They typically opt for conventional mortgages and make a modest down payment of around 6%. Many first-time buyers are motivated by the desire for homeownership as a sound investment, and a majority of them are married couples. It is noteworthy that a significant portion of first-time homebuyers find their homes online and are introduced to properties through their social network. The data suggests that first-time homebuyers play a crucial role in the housing market, making up a substantial portion of home purchases and driving trends in property sizes, locations, and financing options.

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