The Massachusetts Assoc. of Realtors came out with a new study on why buyers purchased homes in 2010. The following are some of their findings:
* A new study on Massachusetts home buyers and sellers found that the top (36%) motivating factor cited by home buyers for the purchase of a home in 2010 was simply the “desire to own a home.”
*The other top reasons included the “desire for a larger home” (8 percent); a “change in family situation” (8 percent); the “desire for a home in a better location” (8 percent); and the “home buyer tax credit” (7 percent).
*55 percent of all homes purchased in the Bay State in 2010 were made by first-time home buyers (compared to 50 percent nationally).
*The median income of buyers (which is reported from 2009 household data) was down to $82,100 compared to $94,800 in 2008 and higher than the $72,200 national median income. Fifty-five percent of home buyers were married couples, 19 percent single females, 12 percent single males, and 13 percent unmarried couples.