An Insider’s Look Into How Secondary Marketing Evaluates LOs

In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How Freddie Mac is addressing affordable housing challenges

Freddie Mac is focused on addressing limited access to credit, housing inequalities, creation and preservation of affordable housing supply and advancement of homeownership education.

A NAR board member tells (almost) all

For this week’s Houses in Motion, a miniseries that is part of HousingWire Daily, we spoke with Lisa Dunn about the pressing issues in real estate, including disclosure of agent commission.

MortgageReal Estate

This is what the typical first-time homebuyer looks like

Harvard study paints picture of the average buyer

There were 3.1 million first-time homebuyers in 2016 and early 2017, according to a recent study on the state of the nation’s housing market by Harvard’s Joint Center for Housing Studies.

And, these buyers tend to be younger, more diverse and more likely to have children. They are also more likely to purchase smaller homes and spend less money on housing.

While a review of these buyers shows that they vary widely in age, household composition and other traits that define their housing needs and preferences, we’ve taken the most common characteristics of buyers in 2017 to create a profile of the average first-time homebuyer.

Here’s a basic profile:

Age: under 35

Ethnicity: white

Marital status: married

Children: yes

Type of property selected: detached, single-family home

Square-footage of property selected: less than 1,500

Average home price: less than $200,000

Harvard’s study also shed light on the housing shortage that is plaguing the market, driving up house prices and rents.

For first-time homebuyers, this means they may have less to choose from, and they may end up paying more for what they get.

“If current housing supply trends persist, house prices and rents will continue to rise at a healthy clip, further limiting the housing options for many,” the report stated. “While demographic trends should support a vibrant housing market over the coming decade, realizing this potential depends heavily on whether the market can provide a broader and more affordable range of housing options for tomorrow’s households.”

Most Popular Articles

FHFA to make desktop appraisals permanent

Desktop appraisals, a temporary flexibility implemented in March 2020 amid lockdowns and social distancing, will become permanent, the FHFA said today.

Oct 18, 2021 By

Latest Articles

Mortgage execs better prepare for redlining enforcement

Since Rohit Chopra was confirmed as the new director of the CFPB in September, there’s been one particular word on the lips of mortgage executives. And it gives them chills: redlining. HW+ Premium Content

Oct 20, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please