As a real estate developer or home builder, it is important to understand the characteristics of the people who are buying homes. A detailed overview (known as a buyer persona) will help you determine where to focus your time, guide development, and allow for alignment across the organization. As a result, you will be able to attract the right people with your marketing efforts.
Here is a portrait of a Texas homebuyer, according to the 2017 edition of the Texas Homebuyers and Sellers Report:
Median Age 46 Years Old
Overall, the median Texas homebuyer was 46 years old, one year older than the previous reporting period. The median age of first-time homebuyers in Texas was 35 years old, up from 32 years old. For repeat buyers, this was 50 years old, or a decline of three years from the prior report.
$94,200 Median Household Income
Median household income in Texas fell almost 3 percent from the last reporting period from
$97,100 to $94,200. Fifty-five percent of homebuyers in Texas have a household income of less than $100,000 per year. Compared nationally, 60 percent of homebuyers have a household income of less than $100,000 per year.
Nationally, married couples made up 66 percent of homebuyers, while single females and single male homebuyers accounted for 17 percent and 7 percent respectively. Among married couples, 85 percent identified as White/Caucasian, 13 percent identified as Hispanic/Latino, 6 percent identified as Black/African-American and four percent identified as Asian.
Motivation for Buying: Desire to Own
Although the number one reason for purchasing a home among homebuyers in Texas and nationally was the desire to own a home of their own, the second-biggest driver for Texas homebuyers was job related relocation. Nationally, the second-biggest reason for purchasing a home was the desire for a larger home.
Top Concern: Neighborhood
Both in Texas and nationally, quality of life and convenience to essential services are top factors in deciding where to buy a home. Sixty-nine percent of Texas homebuyers ranked the quality of neighborhood as an important factor in deciding on a home, an increase of 10 percentage points from the previous year’s report. Nationally, 60 percent of homebuyers said quality of neighborhood was their top factor in deciding where to buy.
Data from the 2017 edition of the Texas Homebuyers and Sellers Report is derived from the 2016 Profile of Homebuyers and Sellers Texas Report by the National Association of REALTORS®, which analyzes survey data from Texans who bought or sold a home between July 2015 and June 2016.