Demographic Profile Of American Home Buyers
The home buyer profile keeps changing over time along with the shifting dynamics of American demographics. Today’s home buyer is very much different from yesterdays. This article throws light on the typical home buyer of today based on CNNMoney.com latest synopsis of the average home buyer of 2007. According to the National Association of Realtors (NAR), the biggest group among home buyers is married couples who account for 61 % of all home purchases made. Another growing trend in the recent years is the increase in the percentage of homes bought by single women. As of 2007, single women account for 22 % of all home purchased, which is about 1 in every 5 homes. Single men lag behind when compared to single women accounting only for 9 % of homes purchased. This spurt in the percentage of women buyers, especially single women, is attributed to two major factors – the increase in the numb buy my house er of single women than ever before and the rise in their financial independence. Based on a recent analysis of the Census Bureau data by The New York Times, 51 % of American adult women have been found to be single. Women’s growing economic power and independence has augmented with their growing education. Today, the percentage of women who are college graduates is 57 %. Women have also been found to possess higher education degrees than men. According to Pat Vredevoogd Combs, the president of the NAR, American women are more confident and financially savvy than ever before. This, along with the availability of unconventional mortgage products such as small cash-down loans for fresh graduates and divorcees are helping women achieve homeownership in shorter periods of time. Another significant group of home owners are minority home owners who account for 30 % of all homes purchased.