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Yahoo Finance Live
The National Association of Realtors® (NAR) released their annual survey showing the median household income for home buyers jumped to $107,000 from $88,000 last year. The survey also showed that first-time buyers made up 32% of all home buyers, which, while an increase from last year's historic low of 26%, is still below the 38% annual average since 1981. Jessica Lautz, NAR Deputy Chief Economist and Vice President of Research joins Yahoo Finance to break down the survey and give insights into these emerging trends in home buying. Lautz points out an interesting trend: "What we see overall in the US is that there's generally a smaller share of married couples today. We see more single women entering into the market... We see that they're competing against these repeat buyers who have higher incomes, they're saving for longer periods of time, but I have to say that housing affordability is going to impact the singles more than we would see for married couples."
