Home Buying in 45449>Question Details

Gwood, Home Buyer in 45449

By household income what is the average number of time a person purchases a new home or refinances their existing mortgage?

Asked by Gwood, 45449 Thu Apr 21, 2011

I am looking for an research of findings by household income that indicate the average number of homes a person purchases a home and the average number of times they refinance the home they live in.

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Answers

5
Try the website for the National Association of Realtors for the average # of homes a person purchases in their lifetime. That website provides a wealth of information. Not sure about the financing info and if it is available through the National Association of Realtors, but you can try googling for demographic info through the national bankers association. Good luck.
0 votes Thank Flag Link Thu Sep 29, 2011
Gwood,

Whether or not you are able to locate those answers, I would be confident to say that the averages will certainly change due to the very different nature of the housing economy. In other words, the trends that led into 2006 and the height of the market will certainly be tempered by all that has happened since.

Sorry I cannot offer better insight.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Thu Apr 21, 2011
Gwood, I'm interpreting your question as to how many homes a buyer typically purchases during their lifetimes. While that would vary from situation to situation, we typically see at least 4 moves per household. Refinancing the original loan would happen if lending rates improved to get a lower interest rate, or if a homeowner is looking to do some remodeling & so wants to retrieve their equity (or a divorce situation, where the house will no longer be in two names). That could also take place if the home is inherited. Many people never refinance their home, as there are closing costs associated with that, while others, especially owners with a higher priced home, would be more likely to refinance to lower their payments.

So you can see that, like most aspects of real estate (& finance), there are a lot of variables.

Hope this is somewhat helpful.

Susan
0 votes Thank Flag Link Thu Apr 21, 2011
Please clarify. Are you asking if house purchasing and refinancing is associated with certain income levels?
0 votes Thank Flag Link Thu Apr 21, 2011
Don't understand you question Gwood. Are you asking what is the average number of homes a person buys in their lifetime and how many refi's they may execute?
0 votes Thank Flag Link Thu Apr 21, 2011
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