Recent home buyers are staying well within their means with notably higher incomes and modestly higher down payments than buyers in the previous year due to the restrictive mortgage credit environment, despite historically favorable housing affordability conditions, according to 2011 NATIONAL ASSOCIATION OF REALTORS®’ Profile of Home Buyers and their Sellers Housing Survey.
The share of first-time buyers declined to 37 percent in 2011 compared with 50 percent in the 2010 study. The study shows the median age of first-time buyers was 31, and the median income was $62,400, up from $59,900 in the 2010 study. The typical first-time buyer purchased a 1,570 square foot home costing $155,000; the estimated median monthly mortgage principal and interest payment was $794.
The typical repeat buyer was 53 years old and earned $96,600, notably higher than the $87,000 median reported in the 2010 profile. Repeat buyers purchased a median 2,100 square foot home costing $219,500, with an estimated median payment of $1,006.
“Tight Credit Conditions” like this exist in your region just like ours of Placerville, CA.
More information at: http://www.realtor.org/press_room/news_releases/2011/11/home_buyer_and_seller