First time homebuyers purchased 35% of all homes for sale during July 2015 and June 2016 whereas first time buyers purchased 50% of all homes for sale during June 2009 and June 2010. Whatever the reasons for this drop, and there are many, it is important that you know who these first time buyers are.

The National Association of REALTORS (NAR) describes first time homebuyers in its 2016 Profile of Home Buyers and Sellers. Here are NAR’s first time buyer findings:

First time homebuyers = 35%

Median age of first time homebuyers – 32

Race/Ethnicity

79% – Caucasian

9% –   Hispanic

8% –   Asian/Pacific Island

7% –   African American

3% –   Other

Median Income = $72,000

Household Type

58% – married

18% – single women

5% –   single men

14% – unmarried couple

2% – other

Number of Children

60% – none

19% – one

15% – two

5% –   three or more

Prior Living Arrangement

74% – rented

21% – lived with parents

4% –   owned/inherited home

1% –   rented to ultimately purchase home

Median Home Price = $182,500

Median Home Price For

$208,500 – married couple

$146,300 – single woman

$157,000 – single man

$165,500 – unmarried couple

$161,200 – other

Home Type

82% – single family detached

9% –   town/row house

1% –   apt/condo in 5+ unit building

2% – duplex/apt/condo in 2-4 unit building

Median Down Payment = 6%

Amount Borrowed

8% – borrowed less than 50% home price

2% –   borrowed 50-59% home price

2% –   borrowed 60-69% home price

7% –   borrowed 70-79% home price

20% – borrowed 80-89% home price

15% – borrowed 90-94% home price

29% – borrowed 95-99% home price

17% – borrowed 100% home price

Born in USA = 87%