The real estate market across the country is still going strong in many areas. It’s more likely now for people to leave larger cities and head to rural areas as working remotely becomes more normal. This has created quite the demand for smaller communities. We know buying a home can be stressful, but we are here to help provide the best loan possible for your situation. We know all about the mortgage industry and understand the fluctuations it goes through. Here are some interesting facts we wanted to share with you about the current mortgage and housing market across America:
- The average monthly mortgage payment across the country currently is about $1,160 for 30-year fixed mortgage and $1,750 for a 15-year mortgage.
- In 2020, just over 20 million Americans applied for a single-family mortgage with over 13 million approved.
- Fifteen percent on homebuyers reported that their understanding of the home-buying process was the most difficult step in the entire process (this is where a good Realtor would come in). Seven percent thought the mortgage process was the most difficult (and this is where we come in).
- The average age of a first-time home buyer is 35 years old, and 82% of young Americans between the ages of 22-30 are first-time home buyers, whereas 48% of first-time buyers are 32-40 years old.
- Starter home prices have increased 86% since 2012, even though incomes for young Americans only increased about 24%. Despite this, 31% of homes purchased in 2021 were first-time home buyers.
- The word “mortgage” comes from a French term that loosely translates to “death pledge.” The intent was to say that the pledge is over, or dies, when the debt is fully paid. Not quite as morbid as it sounds initially.
- Real estate agents or brokers helped assisted with 88% of home purchases in 2020.
- The increase in home sales went up 20% from 2019 to 2020 and up an additional 7% from 2020 to 2021.
- Agents say that it’s typical for sellers to seem in control of the transaction, but that’s generally because they’re less emotional about the process than buyers are. They know that if you don’t buy the home, someone else will.
- Post-pandemic home buyers say outdoor living space is a bigger priority than it was before. 53% now put outdoor spaces as a top priority.
- About 25% of Americans who have been working remotely since the pandemic say they will buy or have already bought a home that is in a different location because of the new flexibility in their career.
- There are five big drivers for first-time home buyers to start looking for a home: getting married, having a baby, graduating college, getting a pet, or starting a new job.
- Millennials are currently the largest generation of home buyers at about 37% in 2021.
- There were almost 2.4 million first-time home buyers in 2020—the most in US history.
- The average home price across the country currently is about $400,000, which is pretty close to Idaho Falls’ average home prices.
We hope you enjoyed this fun list of housing facts. Reach out to our office any time with any questions.
