Infographic: The Millennial First Time Home Buyer Looks Like This

The closing was earlier this morning. The location is an in-demand community in Chandler, Arizona. The sales price was in the upper $200s, and the first-time home buyers and excited new homeowners, Chris & Tiffany, are Millennials.

The above is a common scenario in Arizona’s busy 2018 Spring real estate market, indeed throughout the country Millennials are the fastest growing segment of first-time home buyers. Similar to Chris & Tiffany, Millennial home buyers tend to be well-informed, responsible and decisive. They know what they want and they go after it with enthusiasm and self-assurance. I thoroughly enjoyed working with Chris and Tiffany and in fact I appreciate everything about working with Millennials in general, the energy and philosophy in their approach to a business transaction, and the pleasure and pride they take in a job well done.

These first-time buyers found a terrific home with room to grow and plenty of potential for building equity for the new owners through improvements, upgrades and over time.

Read more below for Liz Dominguez` take on the today’s first-time homebuyer market.

2 story home, pinkish tan with brown gabled, tile roof - 3 bedroom, 3 bath home with 2-car garage - Covered front entrance, 2-car garage - 2663 S Solida Del Sol, Chandler AZ - Bill Salvatore, Arizona Elite Properties 602-999-0952 - Millennial, First-Time Home Buyers

Tall stairway to second floor with chandelier above at home's entrance - Two story home with spacious greatroom -2663 S Solida Del Sol, Chandler AZ - Bill Salvatore, Arizona Elite Properties 602-999-0952 - Millennial, First-Time Home Buyers -2663 S Solida Del Sol, Chandler AZ - Bill Salvatore, Arizona Elite Properties 602-999-0952 - Millennial, First-Time Home Buyers

view across kitchen work island toward wall of light cabinets, granite counters and stainless range and microwave - Kitchen with work island and separate breakfast bar -2663 S Solida Del Sol, Chandler AZ - Bill Salvatore, Arizona Elite Properties 602-999-0952 - Millennial, First-Time Home Buyers -2663 S Solida Del Sol, Chandler AZ - Bill Salvatore, Arizona Elite Properties 602-999-0952 - Millennial, First-Time Home Buyers

view of kitchen, island on left, sink straight ahead and dining area beyond with large window and sliders to patio on left - Granite Countertops, Stainless Appliances -2663 S Solida Del Sol, Chandler AZ - Bill Salvatore, Arizona Elite Properties 602-999-0952 - Millennial, First-Time Home Buyers

large open room, neutral colors, high ceiling, stairway on left, front door on right, entrance to kitchen far left - Spacious greatroom with tile flooring and vaulted ceiling - 3 bedroom, 3 bath home with 2-car garage -2663 S Solida Del Sol, Chandler AZ - Bill Salvatore, Arizona Elite Properties 602-999-0952 - Millennial, First-Time Home Buyers

Front door with arched entry and small front porch area - Covered front entrance, 2-car garage - 2663 S Solida Del Sol, Chandler AZ - Bill Salvatore, Arizona Elite Properties 602-999-0952 - Millennial, First-Time Home Buyers

Back of 2-story home with bay windows in upper and lower levels - Large, pool-size backyard - 2663 S Solida Del Sol, Chandler AZ - Bill Salvatore, Arizona Elite Properties 602-999-0952 - Millennial, First-Time Home Buyers

Patio paved with cool-decking, some with roof, some open - Large back patio - 2663 S Solida Del Sol, Chandler AZ - Bill Salvatore, Arizona Elite Properties 602-999-0952 - Millennial, First-Time Home Buyers

Infographic: Breaking Down First-Time Buyer Data

By Liz Dominguez Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com.

While first-time buyers come from all different backgrounds, they do share similarities in what they buy, how much they spend and what their financial situation is. With the help of the National Association of REALTORS® (NAR) 2017 Profile of Home Buyers and Sellers, we can determine the following:

First-time buyers are dealing with a variety of obstacles when entering the market. These run the gamut from student loan debt to saving for their down payment. However, according to the report, a lack of education is the underlying problem, as 80 percent of surveyed non-homeowners believe they need to put down 10 percent or more when purchasing a home. And while affordability issues remain a constant struggle for first-time buyers, those surveyed reported that finding the right home was the biggest challenge—a problem that arises due to limited inventory.

It’s not all challenges when it comes to home-buying. Thanks to loosening restrictions from lending institutions, it’s easier than ever for first-time buyers to get a mortgage through special programs with low down payment options and low interest rates. One popular option is the Federal Housing Administration (FHA) loan, used by 34 percent of first-time homebuyers (up from 33 percent in 2016), according to the report.

So, what are first-timers after when it comes to buying? The following infographic provided by NAR—The Anatomy of a First-Time Buyer—breaks down the average purchase price, age, down payment amount and more of today’s first-time homebuyers.

The average first-time homebuyer…

Is 32 years old
Has a household income of $75,000
Purchases a $190,000 home
Puts down 5 percent
Has $29,000 in student loan debt
Buys a single-family home in a suburban area

For more information, please visit www.nar.realtor. Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. Reprinted with permission from RISMedia. ©2017. All rights reserved.

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Bill Salvatore / Arizona Elite Properties
Residential Sales, Marketing, and Property Management

Founder: AZVHV ⋅ MEMBER: Heroes Home Advantage
Voted East Valley Tribune’s: Best Gilbert Realtor

There are still down payment assistance programs available in Maricopa and Pinal Counties.
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