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Why Purchase a Home

March 8, 2013 |  Article By :   | 

Why purchase a home? The main reason is the same as it has always been – the desire to own one’s own home.  In 2012 1/3 of all home buyers purchased for this reason and 60% of first time home buyers purchased their home for this reason.  Other main reasons to buy a home were a change in family circumstances, job relocation, move up buyers, need to downsize and a desire to be near family and friends.  Younger buyers tend to buy because the want to own their own home and older buyers are usually wanting to be near family and friends. For more detailed information see the chart below from Meredith Dunn, Research Communications Representative, managing research content on Realtor.org. Click on chart to enlarge.

reasons chart

Minnesota vs. the Nation

stats manTake a look at the home buyer statistics for Minnesota vs. the Nation provided by the Minnesota Association of Realtors.  Who are the buyers, what types of homes are they buying and where are they searching?

Characteristics of Minnesota Home Buyers

  • 41% of recent home buyers were first-time buyers in Minnesota, compared to a national level of 39%, which is a slight rise from 2011.
  • The typical buyer in Minnesota was 37 years old, while nationally the typical buyer was 42 years old, a modest decrease from 45 in 2011.
  • The 2011 median household income of buyers was $80,600 in Minnesota and $78,600 nationally.  The median income was $57,000 among first-time buyers and $96,800 among repeat buyers, compared to $61,800 among first-time buyers and $93,100 among repeat buyers nationally.
  • Nationally, 65% of recent home buyers were married couples—the highest share since 2001.  In Minnesota, the figure was 58%.  16% of recent home buyers were single females nationally—the lowest share since 2001; 19% were single females in Minnesota.
  • For 30% of recent home buyers nationally, the primary reason for the recent home purchase was a desire to own a home.  In Minnesota, this was the primary reason for 27% of recent home buyers. (more…)