Massachusetts first-time homebuyers didn't let increasing home prices and a lack of inventory deter their participation in the real estate market. Massachusetts first-time home buyers made up 41 percent of the total home-buying population in 2015, an increase from 39 percent in 2014, according to the 2015 Massachusetts Profile of Home Buyers & Sellers.
The National Association of Realtors conducted the survey on behalf of the Massachusetts Association of Realtors. The following are some other takeaways from the survey.
The median household income of Massachusetts homebuyers (reported from 2014 household data) was $97,600 compared to the national median income of $86,100.
Massachusetts first-time homebuyers had a median income of $77,400 compared to $69,400 among first-time buyers nationwide.
Fifty-eight percent of buyers were married couples, 17 percent were single females, 8 percent were single males, and 16 percent were unmarried couples.
The median age of the first-time homebuyer was 32. Sixty-four percent of first-time homebuyers were between 25 and 34 years old, while 17 percent were 35-44 years. Only 3 percent were 18-24 years old. The median age of all Massachusetts homebuyers was 41 years old.
One hundred percent of first-time homebuyers surveyed financed their home purchase compared to 88 percent for repeat buyers.
Forty-seven percent of buyers felt that the mortgage application process was either “much more difficult than expected” (18 percent) or “somewhat more difficult than expected” (29 percent). Thirty-three percent of buyers felt the mortgage application process was “not difficult/no more difficult than expected” and 21 percent felt it was “easier than expected.”
Ninety-one percent of Bay State residents consulted a real estate broker when buying a home.
At 36 percent, the primary reason Massachusetts residents purchased a home was the desire to own a home of their own.