First Time Buyers Want To Skip The Starter Home

Dated: 04/13/2016

Views: 776

Last week, Bank of America released its first ever “Homebuyer Insights Report”. It is no surprise that people purchase homes for both financial and emotional reasons. You can see from the graphics below why Americans buy homes. But two of the reports most salient insights are interesting and help understand the motivations of first time homebuyers:

Seventy-five percent of first-time buyers would prefer to bypass the starter home and purchase a place that will meet their future needs, even if that means waiting to save more. Thirty-five percent want to retire there.More than half (54 percent) of buyers are looking for a home in the suburbs, including 52 percent of first-time buyers.

Here is a great depiction of the emotional and financial factors driving all buyers:

simplifyingthemarket.comThe report also lays out what homeownership means to Americans. The words choosen are significant:
simplifyingthemarket.comTo

Get the actual report here

Images courtesy KeepingCurrentMatters

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Lance Whipple PA

Lance is a Retired Air Force Officer and skip-generation real estate agent -- his grandparents ran a real estate brokerage in Oregon during the 1960s and 70s. Lance helps mainly vacation home investor....

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