Who are Minnesota’s home buyers?

Here are some numbers from Minnesota Realtors about homebuyers, who they are, and what they buy. Do you fit the profile? Even if you don’t and would like to buy a house I can help you. 🙂

Infographic with numbers
Minnesota Homebuyers 2020

The “typical” age is listed as 39. I am not sure if that is an average or maybe a median.

It should be noted that the term “first time” doesn’t always mean first time. It can be a person who hasn’t owned a home in the last three years or someone who hasn’t owned a home since they owned one with a spouse.  It gets complicated.

The oldest first-time homebuyer I ever worked with was in her early 60s. She never owned a home by herself or with a partner not ever.

The oldest buyers I have ever worked with were almost 80 years old. They were downsizing. The youngest buyer I ever worked with was 19 years old.

Single women buy houses in greater numbers than single males buy them, 11% vs 18%.

The home buyers report also tells us that 75% of Minnesota home buyers bought single-family detached homes.  Those buyers searched for an average of 8 weeks and toured 8 homes.

What I don’t see in the report is how many offers they made before one was accepted. I’ll go out on a limb and say 2 to 6 depending upon the price range and the type of financing being used.

There is what I call “financing discrimination” and I will be writing about that soon. It seems that “gifts” are better than “grants” which is just another one of the many ways that generational wealth impacts homeownership

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