About Minnesota Home Buyers

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The Minnesota Association of REALTORS just released a report that described the characteristics of Minnesota home buyers:

  • 42% of homes purchased in Minnesota last year were purchased by first time home buyers
  • 69% of first time Minnesota home buyers were between 25 and 34 years old. The median age of first time home buyers was 28. The median age of all home buyers was 36.
  • Household income of Minnesota home buyers was $69,300. Nationally, household income was $74,000 for home buyers in 2007. The median income of first-time home buyers was $57,500 compared to $58,600 nationally. My guess is that this is a reflection of the affordability of Minnesota housing compared to housing affordability in other states.
  • 69% of buyers had no children under 18 years of age living with them.
  • 56% of home buyers were married.
  • 24% were single females
  • 11% were single males
  • 9% were unmarried couples
  • 64% of homes purchased were detatched single family homes.
  • The average Minnesota home purchased was 14 miles from the previous residence.
  • 6% of home buyers were born outside of the U.S.
  • Median price of homes purchased was $221,900. The median sale price in the US for 2007 was $215,000.
  • 30% of home buyers reported using social networking Web sites. The 18-24 year old group usage of social networking sites was 59%.
  • 19% of Minnesota homes purchased in 2007 were new construction.
  • Average home sizes was 1850 square feet.
  • The average home buyer planned to stay in the residence for about 10 years.

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