NAR: Dual Income Couples Fueling Market

Dual-income couples are a driving force in the recovering market with married couples making up 65 percent of all buyers—the highest share since 2001, according to the 2012 National Association of REALTORS® Profile of Home Buyers and Sellers. Sixteen percent of recent home buyers were single females—the lowest share since 2001.

Highlights from the annual survey:

  • 39 percent of recent home buyers were first-time buyers, a slight rise from 2011, but closer to the historical norm of 40 percent.
  • The typical buyer was 42-years-old
  • The 2011 median household income of buyers was$78,600. The median income was $61,800 among first-time buyers and $93,100 among repeat buyers.
  • The typical home purchased was 1,900 square feet in size, built in 1992, and had three bedrooms, two bathrooms.
  • 79 percent of homebuyers purchased a detached single-family home.
  • The typical home buyer searched for 12 weeks and viewed 10 homes.
  • 89 percent of buyers purchased their home through a real estate agent or broker.

This entry was posted in Consumer Information, Housing Market by Kara Kienzler. Bookmark the permalink.

About Kara Kienzler

Kara Kienzler is Webmaster/Communications Coordinator for the Illinois Association of REALTORS® (IAR). She serves as Webmaster for the IAR websites including www.illinoisrealtor.org and www.yourillinoishome.com. She is responsible for the design, layout, printing and online strategy of IAR publications including the Illinois REALTOR® magazine, e-newsletters and other publications, and assists with new releases, issues research, surveys and speechwriting. She also plans and develops content for the IAR blog at www.iarbuzz.com and coordinates the Illinois REALTOR® magazine Twitter account content at ILREALTORmag. She coordinates the Leadership Directory and serves as co-liaison to the Illinois Young Professionals Network.