The following are excerpts from the Massachusetts Association of Realtors Study:
The median income of buyers was up to $94,800 compared to $88,100 in 2007 and higher than the $73,100 national median income. Fifty-nine percent of home buyers were married couples, 15 percent single females, 14 percent single males, and 12 percent unmarried couples. Thirteen percent of home buyers reported they were born outside of the United States compared to nine percent nationally.
The median age of the first-time home buyer was 30, which was down from 31 years of age in 2008. Sixty-one percent of first-time home buyers were between 25 and 34 years old, while 18 percent were 35-44 years. Only seven percent were 18-24 year years. First-time home buyers had a median income of $84,600 compared to $61,600 among first-time home buyers nationally.
Despite stricter lending requirements in 2009, 90 percent of buyers still financed their home purchase (94 percent of first-time buyers compared to 84 percent of repeat buyers). Savings was the chief source of the downpayment for 76 percent of first-time buyers with 48 percent of repeat buyers using proceeds from the sale of their primary residence.
While the number of foreclosed homes in 2009 went down compared to 2008, the number of buyers who bought a home went up. According to the study, 10 percent of buyers bought a foreclosed home, which is up 7 percent from 2008, but the same as the national average.