Well, it’s not first time home buyers. That cohort is usually the driver of a strong housing market. They feed the bottom of the pyramid, buying someone else’s starter home so they can move up. However, only 33% of all home buyers in the central Indiana market in 2015 were first time home buyers. That was the lowest that cohort has been since 1987! Analysts attribute that to heavier student loan debt, not enough breadwinner jobs, and an aversion to use of credit among millennials.
Ok, let’s talk about who the average buyer in central Indiana was this past year. They were a married couples, 39 years old, and making $77,800 a year. This was about five years younger than what was seen nationally; and that could probably be accounted for by the fact that our prices are so much more affordable than most other places.
Two out of three buyers were married couples, followed by 15% single females, 9% single males, and 7% unmarried couples. 11% of all homes purchased were done so to include multi-generational living arrangements.
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