Did You Know: Who is Buying Homes More Than $500,000
August 14, 2009
By Jessica Lautz, Research Economist
Nineteen percent of people who bought homes that were more than $500,000 were first-time buyers.
One in five buyers of luxury homes (those priced more than $500,000).
In comparison, 43 percent of homes priced less than $500,000 were first-time home buyers.
The median age of buyers who purchased a home more than $500,000 was 42. This is just slightly older than the median age of those who purchased a home under $500,000—39.
The median gross household income, predictably, is substantially higher among luxury home buyers. Those who purchased homes more than $500,000 typically had a household income of $154,600.
Almost one-third of luxury home buyers had a household income above $200,000.
The median household income for those who purchased a home under $500,000 was $71,600.
For a complete 2009 NAR Member Profile - available free only for REALTOR® members this year - click here.
Who is buying homes more than $500,000?
Less than $500,000 More than $500,000
First-time buyer 43% 19%
Repeat buyer 57 81
Age:
18-24 6% 1%
25-44 56 54
45-64 30 38
65 or older 8 7
Median 39 42
Gross Household Income
Less than $54,999 24% 4%
$55,000 - $74,999 22 5
$75,000 - $99,999 21 9
$100,000 - $149,999 18 26
$150,000 - $199,999 5 22
$200,000 or more 3 31
Median $71,600 $154,600
This is one in a series of commentaries by the Research staff of the National Association of REALTORS®. Read more commentaries >
Comments? Questions? E-mail NAR Research.
NAR members, learn how you can add this commentary to your Web site, blog, or newsletter. Read more >
More Research Resources
Commercial Market Survey
Commercial Resource Guide
Local Market Information
Realtors®' Confidence Index
Median Prices Interactive Map
State Sales Interactive Map
Housing Data
Economic Indicators
Fast Facts
Nearly one-quarter of first-time buyers are single females who purchased their first home on a median income of $47,400.
Source: 2008 NAR Profile of Home Buyers and Sellers.
August 14, 2009
By Jessica Lautz, Research Economist
Nineteen percent of people who bought homes that were more than $500,000 were first-time buyers.
One in five buyers of luxury homes (those priced more than $500,000).
In comparison, 43 percent of homes priced less than $500,000 were first-time home buyers.
The median age of buyers who purchased a home more than $500,000 was 42. This is just slightly older than the median age of those who purchased a home under $500,000—39.
The median gross household income, predictably, is substantially higher among luxury home buyers. Those who purchased homes more than $500,000 typically had a household income of $154,600.
Almost one-third of luxury home buyers had a household income above $200,000.
The median household income for those who purchased a home under $500,000 was $71,600.
For a complete 2009 NAR Member Profile - available free only for REALTOR® members this year - click here.
Who is buying homes more than $500,000?
Less than $500,000 More than $500,000
First-time buyer 43% 19%
Repeat buyer 57 81
Age:
18-24 6% 1%
25-44 56 54
45-64 30 38
65 or older 8 7
Median 39 42
Gross Household Income
Less than $54,999 24% 4%
$55,000 - $74,999 22 5
$75,000 - $99,999 21 9
$100,000 - $149,999 18 26
$150,000 - $199,999 5 22
$200,000 or more 3 31
Median $71,600 $154,600
This is one in a series of commentaries by the Research staff of the National Association of REALTORS®. Read more commentaries >
Comments? Questions? E-mail NAR Research.
NAR members, learn how you can add this commentary to your Web site, blog, or newsletter. Read more >
More Research Resources
Commercial Market Survey
Commercial Resource Guide
Local Market Information
Realtors®' Confidence Index
Median Prices Interactive Map
State Sales Interactive Map
Housing Data
Economic Indicators
Fast Facts
Nearly one-quarter of first-time buyers are single females who purchased their first home on a median income of $47,400.
Source: 2008 NAR Profile of Home Buyers and Sellers.
