How are Texan homebuyers different than their national counterparts? For one, they make more money, the latest Texas Homebuyers and Sellers Report from Texas Realtors revealed.
The annual report takes a look at demographics and opinions of Texas homebuyers and sellers who had a real estate transaction between July 2020 and June 2021.
The median household income for Texas homebuyers was $5,500 more than the national median, the report revealed, with Texans earning a median income of $107,500.
More than a third of the homes purchased during the reporting period were new homes, the organization said, compared to 15% nationally. And people are heading to small towns more frequently, with 16% of homebuyers opting for small-town life compared to 10% a decade ago.
Homebuyers in Texas are also more diverse, the report found, with 13% of homebuyers identifying as Asian/Pacific Islander, 7% as Hispanic/Latino, and 6% as Black/African-American. Homebuyers identifying as White made up 77% of the state’s buyers, compared to 82% nationally.
About 32% of homebuyers were purchasing a home for the first time – up only 1% from last year. Most first-time homebuyers were married couples (49%). Not quite half of all first-time buyers were between 25 and 34 years old. The median age of Texas homebuyers was 47.