The Typical First-Time Homebuyer Is Evolving

Homebuyers purchasing their first home today tend to opt for condominiums, and they are typically older and have spent more time renting compared to first-time buyers in prior years, Zillow reports.

“But while their income hasn’t risen much, first-time homebuyers’ tastes have,” the report says. “Both the price and percentile (the share of homes more or less expensive than those typically sought by first-timers) of homes purchased by first-time buyers have risen – homes now bought by first-time buyers cost about $140,000, up from $113,000 in the years immediately prior to the millennium.”

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