The median age (36) of homebuyers in 2001 was three years younger than in 1999 (39), according to the new "2002 National Association of REALTORS(R) Profile of Home Buyers and Sellers." Other nuggets of interest may signal trends in homebuying, that younger homebuyers and first-time homebuyers will continue to drive the housing market.

According to the Profile, first-time homebuyers represent a significant portion of the market (42 percent of homebuyers.) The first-time homebuyer was responsible for approximately 2,916,000 home sales last year. The median age is 31 - ten years younger than the repeat buyer. The median income was $60,300, $17,600 lower than the income of the repeat buyer.

Of sociological interest, there was a sharp rise (from seven percent in 1999 to 11 percent in 2001) in the number of homebuyers who had lived with their parents or friends or relatives before buying a home. The number one reason given for buying a home was to "own a home of my own." Also, the typical homebuyer (54 percent) did not have children under the age of 18 living at home, while 46 percent had one or more, this despite the fact that married couples (68 percent) made up the majority of homebuyers. Singles took a slight decline from 18 percent in 1999 to 15 percent of homebuyers in 2001.

Where older buyers took the lead was in the purchase of second homes. Married couples constituted 72 percent of second homebuyers, and were a median age of 46 years, ten years older than the typical homebuyer. They also, not surprisingly, earned more money - $77,700 in 2001.

Neighborhood (74 percent) and price (58 percent) were the most cited factors in choosing a home. Of those households with children, less than half cited schools as a factor in their choice. Schools and work tied at 29 percent as factors for choosing a home, with friends/family (23 percent), parks and recreation (15 percent) and shopping (11 percent) following. Other factors included planned community (9 percent), entertainment (8 percent), potential rental income (6 percent), public transportation (4 percent) and health facilities(2 percent).

Both first-time homebuyers and repeat buyers preferred the suburbs, with 44 percent purchasing their homes in the city compared to 29 percent of repeat buyers.

Over 20 percent of homebuyers moved further than 50 miles, while only nine percent of first-time homebuyers moved that far. The typical homebuyer moved seven miles in 2001, closer to home than the nine miles they moved in 1999.

Published: June 18, 2002

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Blanche Evans is the award-winning senior editor of Realty Times, the Internet's leading independent real estate news service. She is featured daily on the Realty Times Video Network in the "Realty Viewpoint" segment. Blanche has been named one of the "25 Most Influential People In Real Estate" by REALTOR Magazine, and has been twice recognized as a "notable." In 2005, she was named "Top Reporter Covering the NAR" by Delahaye-Bacon's. Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68. Order Now Review - Honors In 2006, Blanche was selected among scores of candidates to author two consumer real estate guidebooks for the National Association of Realtors: The NAR Guide to Home Buying, and The NAR Guide to Home Selling, Wiley & Sons. She is currently planning two new books for the NAR and its members.       Known for her keen insight into real estate industry issues and for her ability to make complex subjects easy to understand, Blanche is a sought-after keynote and continuing education speaker. Real estate organizations from MLSs, to brokerages, to franchisors, to associations hire her to provide up-to-the-minute analysis of real estate industry news and advice on how to improve revenues. Her passionate delivery, peppered with stinging wit, is a huge hit with audiences and fans. Don Klein, CEO Greater Nashville Association of Realtors, Blanche Evans, Richard Courtney, president 2007, GRAR "The GNAR membership meeting last week featured Blanche Evans as the keynote speaker. Her comments and insights resonated extremely well with those in attendance and we have had many requests for copies of her PowerPoint Presentation. She was a terrific part of the membership meeting and convention program!" - Don Klein, CEO Greater Nashville Association of Realtors Coverage from WSMV, Nashville - 8-14-2007 That Interview Guy - Get Inside The Head Of Today's Generation 2007 AE Institute Session - To purchase 2006 AE Institute Session - Parts 1 2 3 4 5 6 7 8 9 HouseValues Mastermind call - Parts 1 2 Blanche's fireside chat with Jeremy Conaway, HAR - Click here. To contact Blanche, email her at . For more articles by Blanche, click here.