We know Texas homebuyers are unique, but what sets them apart from the rest?
Each year, the Texas Homebuyers and Sellers Report released by Texas Realtors takes an in-depth look at who’s buying and selling homes in the Texas market, as well as what their motivations and opinions might be.
Here are some highlights.
Compared to the national average, Texas homebuyers are more diverse in 2021.
- 18% are Hispanic/Latino buyers (up from 14% the previous year)
- 7% are Black/African American (up from 5% the previous year)
- 6% are Asian/Pacific Islanders (up from 4% the previous year)
- 69% are White/Caucasian (down from 78% the previous year)
Compared to the national average, Texas homebuyers earn higher incomes, and their median household income was $112,500, $16,000 more than the national median.
- First-time buyers composed 31% of Texas homebuyers, compared to 33% nationally.
- The typical buyer is 56 years old with a median income of $90,500.
- 68% of buyers are married couples, 15% are single females, 9% are single males, and 6% are unmarried couples.
- The median age of Texas homebuyers is 48, four years less than the previous year.
- 16% of homebuyers purchased a multi-generational home, to take care of aging parents, or children 18 and older living at home.
- 25% of homebuyers or spouses are veterans or active-duty military.
- 20% of Texas homebuyers in the past year said their primary reason for purchasing a home was the desire to own a home of their own.
- For Texans who sold their homes, the most popular reason for putting a home on the market was to move closer to friends or family, followed by job relocations and a desire for a larger home.
Ready to own your own home in the DFW area? First United Mortgage Group offers several loan program options to help you finance the home of your dreams. Get started by giving us a call today at (972) 591-3097 for a free quote and consultation!