Texas Home Buyers Are Better Off Than National Average

by Rye Durzin

Texas homebuyers

The March 2015 Texas Home buyers and Sellers Report from the Texas Association of Realtors shows that between July 2013 and June 2014 median household income for Texas home buyers increased 5.9 percent year-over-year compared with a national increase of only 1.4 percent.

Home buyers in Texas are older, more likely to be married and make more money than the national averages, according to the March 2015 Texas Home buyers and Sellers Report from the Texas Association of Realtors.

The study shows that between July 2013 and June 2014 median household income for Texas home buyers increased 5.9 percent year-over-year compared with a national increase of only 1.4 percent. However, the percentage of first-time home buyers in Texas fell 4 points to 29 percent, compared to a 5 percent decline nationally to 33 percent.

Home buyers in Texas are also two years older compared to the previous period, edging up to 45 years of age, and 72 percent of home buyers are married, compared to 65 percent nationally.

Texans are also buying larger and newer homes than other buyers across the U.S. In Texas, the typical three-bedroom, two-bathroom home had 2,100 square feet and was built in 2002, compared to the typical national home built in 1993 with 1,870 square feet.

Forty-seven percent of first-time home buyers in Texas said that finding the right property was the most difficult step in buying a home, as did 48 percent of repeat home buyers.

For Texans selling homes, 21 percent said that the reason for selling was because of job relocation, followed by 16 percent who said that their home was too small. The median household income for a Texas home seller was $120,800, compared with a national media income of $96,700 among home sellers.

Texas home buyers (overall): July 2013 – June 2014

  • Median household income: +5.9% to $97,500
  • Percent of homes bought that were new: 28% (-1% from July 2012 – June
  • 2013)
  • Percentage of first-time home buyers: 29% (-4% from July 2012 – June
  • 2013)
  • Age of typical home buyer: 45 years old (+2 years from July 2012 – June 2013)
  • Average age of first-time home buyer: 32 years old (+1 year from July
  • 2012 – June 2013)
  • Average age of repeat home buyer: 50 years old (unchanged from July 2012 – June 2013)
  • Median household income for first-time home buyers: +5.8% to $72,000 (compared to July 2012 – June 2013)
  • Median household income for repeat home buyers: -8.9% to $97,500 (compared to July 2012 – June 2013)
  • Percent of married home buyers: 72% (+1% from July 2012 – June 2013)
  • New homes purchased: 28% (-2% from July 2012 – June 2013)
  • Median household income for home sellers: $120,800
  • Age of average home seller: 49 years

National home buyers (overall): June 2013 – July 2014

  • Median household income: +1.4% to $84,500
  • Percent of homes bought that were new: 16% (constant from July 2012 – June 2013)
  • Percentage of first-time home buyers: 33% (-5% from July 2012 – June 2013)
  • Age of typical home buyer: 44 years old (+2 years from July 2012 – June
  • 2013)
  • Average age of first-time home buyer: 31 years old (unchanged from July
  • 2012 – June 2013)
  • Average age of repeat home buyer: 53 years old (+1 year from July 2012 – June 2013)
  • Median household income for first-time home buyers: +2.3% to $68,300 (compared to July 2012 – June 2013)
  • Median household income for repeat home buyers: -1% to $95,000 (compared to July 2012 – June 2013)
  • Percent of married home buyers: 65% (-1% from July 2012 – June 2013)
  • New homes purchased: 16% (unchanged from July 2012 – June 2013)
  • Median household income for home sellers: $96,700
  • Age of average home seller: 54 years

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