Demo data is a goldmine in the real estate industry, and Zillow’s latest Consumer Housing Trends Report is giving us a glimpse into who is the typical U.S. homebuyer in this very hot market.
According to Zillow, who’s analysts conducted a nationally representative survey of more than 2,000 buyers between March-August 2021, the average buyer is 45 years old, partnered or married, and has some college education. They also are most likely to buy in the South.
Per the report, most of these characteristics have not changed substantially, if at all, over the last few years.
Most buyers purchased a single-family detached house, though other property purchases like condos and townhomes did increase in popularity, with 10 and 11 percent respective results in the survey. The typical buyer’s home has three bedrooms, three bathrooms and is 1,000-1,999 square feet.
Some 61 percent of buyers reported that they moved from a previous home they owned or still own.
How did these buyers make out in the current seller’s market? The typical buyer reportedly submitted two offers—up from just one offer, on average, for the past three years. Mortgage buyers were also 50 percent more likely to report facing at least one denial before ultimately being approved in 2021 than they were in the previous year.
Not surprisingly, the market has been tough for first-time buyers to break into. According to Zillow, first-time buyers represented just only 37 percent of homebuyers in 2021, down from 43 percent in 2020.
As to the motivation behind the moves, 72 percent of homebuyers reported that a life event influenced their decision to move to a new home: a change in their household or family size was most common at 42 percent, followed by working remotely more often at 30 percent and a new job or job transfer at 28 percent.
For more on Zillow’s Consumer Housing Trends Report, click here.