Texas homebuyers are becoming increasingly diverse, with more single and minority homebuyers, according to the Texas Homebuyers and Sellers Report 2017 Edition, released by the Texas Association of REALTORS®.
Single homebuyers now represent 28 percent of all homebuyers, spurred by increases in sales by both male and female single homebuyers. Single female homebuyers increased five percent to 19 percent of all homebuyers. Single male homebuyers increased two percent to nine percent of total homebuyers.
Hispanic homebuyers now represent 14 percent of home sales and 27 percent of first-time homebuyers. African-Americans make up six percent of all home sales and are the most likely minority group to be repeat homebuyers.
The median age of Texas first-time homebuyers was 35, an increase of three years.
“The profile of Texas homebuyers is as diverse as Texas itself, continually broadening as the demand for Texas real estate grows,” said Vicki Fullerton, chairman of the Texas Association of REALTORS®. “At the same time, rising home prices, lower household incomes, and tight lending standards are making it increasingly difficult for some Texans to afford a home.”
The median home price for Texas homebuyers was $215,000, and 44 percent of those homebuyers took six months to a year to save a down payment. This was a marked increase from the previous year, when only ten percent took that long to save a down payment. Median household income for Texas homebuyers decreased three percent from the previous year to $94,200.
“As obstacles to purchasing a home increase, soaring property taxes due to a lack of accountability when tax rates are set at the local level have made it difficult for Texans to continue to afford that home,” said Fullerton.