TEXAS – The Texas Homebuyers and Sellers Report has been released by the Texas Association of Realtors (TAR).
The report revealed growing diversity in the household composition and ethnicity of Texas homeowners as well as rising housing affordability challenges across the state.
For 1 in 11 Texas homebuyers, saving for a down payment is the most difficult part of the homebuying process.
In Texas, the median percentage of down payment was 10 percent.
Forty-three percent of Texas homebuyers spent six to 12 months saving for a down payment, while 21 percent spent two to five years doing so.
Nationally, 40 percent of homebuyers spent less than six months saving for a down payment, but 27 percent of homebuyers had to save for two to five years.
In addition to savings, common sources for a down payment among Texas homebuyers included gifts from relatives or friends and retirement funds.
The ratio of single Texas homebuyers continued to rise from the 2016 edition, with single female homebuyers increasing 5 percentage points to 19 percent and single male buyers rising 2 percentage points to 9 percent of all Texas homebuyers.
The report also showed a broader ethnic diversity among Texas homebuyers.
Among all Texas homebuyers, 14 percent identified as Hispanic, 6 percent identified as African-American and 4 percent identified as Asian.
Minorities among first-time homebuyers were most likely to be Hispanic (27 percent), while minorities among repeat buyers were most likely to African-American (27 percent).
Indicating that Texans are buying later and moving earlier in life, the median age of first-time buyers increased three years to 35 years old, while the median age of Texas home sellers decreased eight years to 46 years old.