- First time home owners made up 33% of national home sales in 2014. This is slightly less than the historical norm of 40%.
- The typical age of a first-time home buyer was 31.
- Typical first-time homes buyers financed 95% of their home.
Tightened credit standards is one reason why first-time home owners were less prevalent in 2014 than the historical norms. The demographic make up of first-time home buyers indicates that they are more likely to be single and have a lower income than repeat buyers.
First Time Home Buyers (Percent of all buyers)
First-Time Home Buyers House Hold Make up
Primary Reason for Purchasing A Home
Source: 2014 NAR Profile of Home Buyers and Seller