And although homeowners of various backgrounds will take to the market, data suggests that a specific demographic of Americans are more likely to sell their homes.
According to a recent report from Zillow, America’s average home seller is a 48-year-old Caucasian, college-educated couple with a middle-class income and a pet.
Interestingly, Zillow’s analysis indicates that the country’s home sellers are a lot less diverse than homebuyers.
In fact, only 24% of home sellers are people of color, with Hispanics making up the majority at 10%. African Americans and Asians represent 7% and 5% of the population, respectively.
This divide could partially be attributed to disparities in wages, as Zillow points out that the median household income for sellers is $72,500.
“One-third of sellers earn less than $50,000, 19% of sellers earn between $50,000 and $75,000, 15% have household income between $75,000 and $100,000, and another 34% earn more than $100,000,” Zillow writes.
According to data from the U.S. Census Bureau, as of 2017, Caucasian and white households made more than $60,000 annually. However, the median income for Hispanic and African American households sat around 50,000 and $40,000, respectively.
Notably, the National Association of Hispanic Real Estate Professionals recently released a report stating that Hispanics represented 62.7% of the increase in U.S. homeownership. So, while they fall behind in sales, they are surely gaining in home purchases.
The image below, courtesy of Zillow, highlights home selling demographics: