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Zeller's Blog

By Doug & Bud Zeller | Agent in Placerville, CA

What is the average age of your first-time homebuyer client today?

California’s potential first-time homebuyers (aged 25-34) numbered 5,404,486 in 2011. At the same time, the state’s homeownership rate stood at 55.3%. California homeownership has dropped steadily during 2012. It will level off around 2016 as a wave of now-tenants enter (or re-enter) the market as buyers.

California’s homeownership rate continues its fall in the aftermath of the Great Recession. Will the next wave of first-time homebuyers bring a sea change?

Chart updated 10/30/2012

2011 2010 2009
Potential first-time homebuyers
5,404,486
5,3187,877
5,231,222
CA homeownership rate
55.3% 56.1% 57.1%

first tuesday analysis

Do first-time homebuyers influence the homeownership rate?

Over the past decade, they did not. Homeownership dropped even as the number of 25-34-year-olds (the typical age of first-time homebuyers),rose. This age group, which currently consists of Generation YThe forthcoming generation of first-time homebuyers, consisting of individuals born in the 1980s and 1990s. (Gen YThe forthcoming generation of first-time homebuyers, consisting of individuals born in the 1980s and 1990s.), has had little effect on homeownership since the crash. Why?

More great information at: http://firsttuesdayjournal.com/will-first-time-homebuyers-save-californias-homeownership-rate/ 

Comments

By Timothy M. Garrity,  Mon Nov 5 2012, 16:34
Interesting.

Timothy M. Garrity - REALTOR | http://PhillyUrbanLiving.com
By Doug & Bud Zeller,  Tue Nov 6 2012, 18:37
It is interesting thet firsttuesdayjournal.com presents such great information.

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