Tuesday, January 8, 2008

Some characteristics of Minnesota home buyers:

  • Median age of all home buyers was 36 years old. For first-time buyers, the median age was 28.
  • Household income of home buyers was $69,300.
  • 69 percent of home buyers said there were no children under 18 residing in the property.
  • 56 percent of home buyers were married couples, 24 percent single females, 11 percent single males and 9 percent were unmarried couples.
  • 6 percent of home buyers were born outside of the U.S., compared with 9 percent nationally.
  • First-time home buyers accounted for 42 percent of homes purchased in 2007.
  • 66 percent of first-time home buyers were between 25 and 34 years old.
  • 30 percent of buyers use social networking websites (e.g., Myspace, Facebook, Linkedin).
  • Among home buyers aged 18 to 24, 59 percent reported using social networking sites.
  • 19 percent of homes purchased were new construction.
  • 64 percent of homes purchased were detached single-family.
  • The typical home buyer purchased a home 14 miles from their previous residence.
  • The median price of homes purchased was $221,900 compared to $215,000 in the U.S.
  • The typical buyer purchased a home that was 1,850 square feet in size.
  • Recent homebuyers plan to live in their home a median of 10 years.

    Source: Minnesota Association of REALTORS®

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