How Have Homebuyers Changed Over the Last Two Years?
The U.S. housing market has undergone significant changes over the last two years, and so too have today's homebuyers
Oct. 12, 2023
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The National Association of Home Builders' (NAHB) recent analysis of the 2021 American Housing Survey revealed some common characteristics among homebuyers over the last two years. Roughly 10.2 million households bought and moved to a new home during that period, and the median household income among that group was $97,700 in 2021, according to NAHB's Eye on Housing.
New homebuyers consistently had higher median incomes than first-time buyers, but over 50% of recent buyers made a down payment of no more than 20%, with first-time buyers tending to put down smaller down payments, especially amid rising prices and elevated mortgage rates.
In addition to characteristics of buyers, the AHS so provides information about the homes they purchased. For example, the median value of the homes purchased was $318,185 overall in the 2021 AHS. The median value of new homes was $429,205, and the median value of homes purchased by a first-time buyer was $271,445.
