First-time buyers are jumping into the market.
The latest National Association of Realtors (NAR) survey of home buyers shows that first-time buyers have risen in market share from 36% of all transactions in 2006 to 41% today.
According to the NAR, the median age of a first-time home buyer was 30, down from 31 in 2007. The study also stated that first-time buyers plan to stay in their home for 10 years, up from 7 years in 2007.
Other notes of interest in the study:
* Median income for a first-time buyer was $60,600.00
* The typical first-time buyer home cost $165,000
* Median down payment 4%, up from 2% in 2007
* The number purchasing with no money down fell from 45% in 2007 to 34%.
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Source: NAR Survey
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