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TAR: Texas homebuyers broaden in diversityTAR: Texas homebuyers broaden in diversityhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=163062017-04-11T05:00:00Z2017-04-11T15:00:00Z

​​AUSTIN – A new Texas Homebuyers and Sellers Report released by the Texas Association of Realtors revealed growing diversity in the household composition and ethnicity of Texas homeowners as well as rising housing affordability challenges across the state.

The ratio of single Texas homebuyers rose from the previous year with single female buyers increasing 5 percentage points to 19 percent and single male buyers rising 2 percentage points to 9 percent of buyers statewide.

The report also showed a broader ethnic diversity among Texas buyers. Fourteen percent identified as Hispanic, 6 percent as African-American, and 4 percent as Asian. Minorities among first-time buyers were most likely to be Hispanic (27 percent), while minorities among repeat buyers were most likely to be African-American (27 percent).

Median age of first-time buyers increased three years to 35 years old, while the median age of sellers decreased eight years to 46 years old.

The 2017 report also illustrated growing affordability challenges across the state.

Median household income among buyers declined nearly 3 percent year-over-year to $94,200. The median home price was $215,000, significantly higher than the Real Estate Center at Texas A&M University’s estimation of $150,000 as a typical home price for entry-level and first-time buyers.

According to the report, debt delayed Texans from saving for or purchasing a home for a median time of three years. Forty-four percent of buyers waited six to 12 months to save for a down payment, compared with 10 percent in the previous year’s report.​

Texas Association of REALTORS
Texas
Demographics & Population
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