Real Estate Report
Who generally are they? Mortgage education website MortgageHippo dug into the data to paint a financial portrait of these first-time homebuyers, from their median income to their down payment amounts and beyond.
After looking at more than 5,000 first-timers, the majority of them millennials, the site determined that the first-time homebuyer in the U.S., on average, makes around $65,000 a year and has a credit score of 730.
Texas first-time buyers come in close to these numbers, with an average income of $60,000 and credit score of 710. While we have less available assets ($16,000 compared to the nation's $20,000), we shell out a down payment of $12,000 ($3,000 lower than the national average).
The one stat where we match up with the rest of the country is how long buyers plan to stay in their new home: nine years.
MortgageHippo points out that there’s very little difference between the amount of money millennials plan to use as a down payment and their available assets, showing that "either millennials have not saved enough money to purchase the home they want, or they are not finding homes within their financial means."
It's true that available inventory is affecting first-time buyers the most, but millennials are still gaining traction as the largest group of homebuyers in the U.S. Now if only we could get student loans under control to help boost savings a bit more.