U S homebuyers have become increasingly diversified in the past few years according to a report by John Burns Real Estate Consulting. The number of foreign buyers, single females and more 2 income no children buyers has increased to a higher level than ever before.
Single woman are now almost twice as likely to purchase a home as single men are. 65% of homebuyers do not have children, 11% were foreign born and 16% were single women.
Millennials or generation Y, those that are 35 or younger, comprised 32% of all buyers, which is the largest share of homebuyers for any age group. Baby boomers made up 31% of homebuyers and generation X made up 27%.
The report noted that many of the younger homebuyers place more emphasis on convenience over affordability. The biggest hurdle for the younger buyers was the down payment. 63% of buyers under 35 put down 10% or less and 45% put down 5% or less.
Without FHA financing these types of buyers would not be able to purchase at all.
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