real estate

Who are this season's typical homebuyers?

Real Estate » Who Are This Season's Typical Homebuyers?

Who's buying homes this season?
Who's buying homes this season? © Goodluz/Shutterstock.com

Today's typical homebuyer is a post-baby boom couple with a high income, great credit and a house to sell.

While buyers come in all ages and incomes, certain groups dominate the market this homebuying season. Considering the still-tight lending arena, it's no surprise many current buyers seem to have either relatively hefty incomes or two paychecks.

And if you think there are fewer first-time homebuyers in the market than just a few years ago, you're right. In 2010, first-timers made up half the market -- a new record, according to 30 years' worth of data from the National Association of Realtors. Today, their slice of the homebuying pie is closer to historical norms: 39 percent.

So what does all that mean? The housing market is "recovering, but we still have ground to cover," says Mark Palim, vice president of applied economic and housing research for Fannie Mae.

If you go strictly by the numbers, here's who's buying homes this season.

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Mortgage trends this fall From mortgage rates to a list of must-do's for first-time homebuyers, here are the trends to watch for this season.
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Rising rates and more: 5 housing trends for fall
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