Are you on the fence when it comes to purchasing your own home? Review these current stats about homeownership in 2022 and you may gain some insight when it comes to your next move!
Homeownership is on the rise.
Recent Census data shows that at the end of the fourth quarter in 2021 homeownership was at 65.5 percent. That figure was 65.8 percent by the end of the second quarter in 2022.
There are more first-time buyers.
Reports show first-time buyers make up 34 percent of all homebuyers so far in 2022. This shows a slight increase from 2021 at 31 percent.
More families are buying multi-generational homes.
Thanks to grown kids returning home (18 and older), aging parents and other cost-saving factors, 11 percent of 2022 homebuyers invested in a multi-generational home.
First-time buyers tended to be in their 30s.
More specifically, first-time home buyers in 2022 were generally about 33 years old with repeat buyers hitting an all-time high at 56 years old!
Being close to family and friends matters.
Last year, proximity to work and affordability were top priorities for homeowners. This year, being closer to family and friends was the second most important deciding factor other than quality.
Buyers typically pay the asking price or more.
Here’s one of the stats about homeownership in 2022 that may be a little surprising.
Generally, buyers purchased their homes for 100 percent of the asking price. About 29 percent of them tended to pay more than the initial asking price.
Most homeowners finance.
Up to 87 percent of recent homebuyers financed their home purchases.
The majority of buyers worked with a real estate professional.
In fact, 87 percent of buyers worked with an agent or broker to purchase their home while only 7 percent worked directly with a builder or builder’s agent.
Buyers liked working with their agents.
Not only did 90 percent of buyers say they would use the same agent again, they also said they would recommend the agent to others!
Summary
These stats about homeownership in 2022 prove people are investing in their futures through homeownership. Are you ready to begin your homebuying journey? Contact Ryan Roberts now! For more enlightening real estate stats, facts and property showcases, read our blogs!