Thirteen percent of buyers purchased a home with one or more parents and grandparents together with adult children. There were several reasons given for purchasing a multi-generational home.
- Cost savings;
- Children over the age of 18 moving back into the house; and
- Health and caretaking of aging parents.
On the other hand, it’s no great surprise that sixty-five percent of recent home buyers were married couples.
The typical first-time buyer was 31-years-old, while the typical repeat buyer was 53. Thirty-three percent of recent home buyers were first-time buyers, which is still suppressed from the historical norm of 40 percent among primary residence buyers.
The people who are buying homes are earning nice salaries. The 2013 median household income of buyers was $84,500. The median income was $68,300 among first-time buyers and $95,000 among repeat buyers.
Why are people buying homes? For about a quarter of recent home buyers, the primary reason for the home purchase was a desire to own a home. Less than ten percent purchased due to a job-related relocation or move. Only eight percent bought for the desire to be in a better area or because of a change in family situation.