The results from the National Association of Realtors® Annual Buyer and Seller Survey show the share of first time home buyers in the United States dropped for the third consecutive year. Each year NAR performs an extensive survey on buyer and seller trends. This year they found the share of first time home buyers in the US is at the lowest point in three decades. The market has held a strong pace over the last year, but this was lead by repeat buyers and dual income households. Economists believe that student loan debt and high rent payments are contributing to the decline in first time home buyers. Many younger Americans are paying hundreds of dollars each month in student loans, and high rent payments are making it hard for them to save up for down payments and closing costs.
The survey also showed that there was a rise in the share of married couples purchasing homes. The share of single women went down slightly and the share of single men remained the same. The survey also showed that most Americans still believe that buying a home is a good and important investment. It also shows that real estate agents are still an integral part in the home buying process.
Click on the video below to get some more insights into the Annual Buyer and Seller Survey.
The Flagstaff Elite Team loves helping first time home buyers along with repeat buyers. Don’t hesitate to give us a call contact us if you or someone you know is interested in purchasing a home.