What Does the average American homeowner look like?
There’s no one-size-fits-all approach to owning a home. But what, exactly, does the average American homeowner look like?
According to a recent report from Pulse, there are some overall themes that characterize the American homeowner, from the source of their down payment (46% use cash or personal savings) to their home value range (across all age groups, the majority of home values fell between $100,000 and $199,000) to their ratio of home value to household income (the price of their home was less than four times their annual income across all age groups). But there are also some generational differences in how people buy real estate, particularly when it comes to down payments. According to the report, the majority of millennials put down zero to 10 percent down when purchasing their home—while a whopping 81 percent of baby boomers put down 10 percent or more.
The characteristics of the “average” American homeowner can give you an idea of how people across the country are buying or selling real estate—but, again, there’s no one-size-fits-all approach to being a homeowner. If you want to buy a home and you fall outside of the “average” parameters, talk to your real estate agent. Your dreams of owning a home are likely more attainable than you think.