Earlier this year, the California Association of Realtors (C.A.R.) conducted a survey to discern what the average California home buyer looks like.
The verdict? Today’s home buyer is quite different than their counterparts from even one year ago. Here are a handful of interesting findings from the C.A.R. survey:
- Today’s home buyers earn more. In 2013, 33% of home buyers netted $150,000 in yearly income. Contrast that to 44% of buyers in the same income bracket in 2014.
- Today’s home buyers are older. In 2013, 45% of buyers were under the age of 35. In 2014, that number fell to 12%. This is speculated to be due, in large part, to the significant educational debt incurred by many Millennials, along with their difficultly finding high paying jobs.
- Today’s home buyers are minorities. While 2003 saw minorities comprising just 47% of buyers, 2014 more closely resembles the ethnic and racial makeup of California (63% minority), with 60% of buyers in the minority.
- Today’s home buyers are highly educated. While little changed from last year, those buying homes in California are far more educated, percentage-wise, than their non-buying counterparts. A full 100% have attained a high school diploma, and 61% percent have a college or graduate degree. Statewide, only 31% of Californians aged 25 and above have a bachelor’s degree or higher.
To read the complete executive summary, click here.
