The U.S. housing market is an ever-changing animal, and today it’s moving at a faster rate than it has in decades. With buyers, sellers, renters and homeowners each facing their respective sets of challenges, trends in the housing market become apparent—from the ages of people falling into those categories to how much they are able to afford. Zillow surveyed more than 13,000 people for its Zillow Group Consumer Housing Trends Report 2017 and the set of data revealed the following, among other facts.
- Home buyers today have a median age of 40, but 71 percent of first-time buyers are millennials.
- The average home purchased in the United States has three bedrooms, two-and-a-half bathrooms, measures 1,800 square feet and costs $200,000.
- Buyers’ median household income in the United States is $87,500, with the majority of those households relying on joint incomes.
- The median age of home sellers today is 45, and millennials make up one-third of today’s sellers.
- The average seller has lived in his or her home for 12 years.
- Sellers’ median household income in the United States is $87,500.
- 37 percent of American households (about 43.7 million homes) are renters—an increase of 6.9 million homes since 2005.
- The median rent across the United States is $1,010, with the highest rents occurring in the West and the lowest in the Midwest.
- The median age of homeowners in the United States today is 57, and only 14 percent of homeowners are millennials.
- The median household income of homeowners is $62,500, with 71 percent living with a spouse or partner.
- Forty percent of homeowners have a pet, and 30 percent have dogs.
- 86 percent of homeowners have no plans to sell in the next three years.
In considering the U.S. housing market as a whole, keep in mind that local market data will not always reflect the national trend, and what’s happening with your local housing market will have a more significant impact on your home buying and selling.
For more useful information for home buyers and sellers, continue to follow the Ryan Roberts Realtor blog! And for your real estate needs in the Auburn, Opelika and Lake Martin areas, contact Ryan Roberts today at 334-750-9872 or email [email protected]!
